Help buying the boat of your dreams

Date posted: 1 December 2014

Hi, I’m Stuart Austin and I am the owner and MD of Promarine Finance. I would like to help you buy the boat of your dreams.

The Lordship on his Nordship Stuart working on his astro navigation

The Lordship on his Nordship Stuart working on his astro navigation

Since 2010 Promarine Finance  has been lending money to customers helping them to buy boats. I have decided to link in with Static Boat Holidays after meeting Viv Sullivan who owns Static Boat Holidays, and appreciating her ethos which is to ‘help boat owners cover their costs’, I was invited to add a blog to see if we could help anyone interested in purchasing a boat.

Let me tell you a little bit about my company, I started financing boats because I love sailing and I am actively involved in the sport. I have competed in yacht races including the 3 Peaks Yacht Race, Fastnet twice, Pasab and Fowey Triangle race. I also sail a Wayfarer and RS Vareo dinghy. My boat history started with the Wayfarer, progressing to a Drascombe Drifter, then a Jeanneau and now a Nordship 430 DS.

I have just returned from sailing to Tenerife with Viv, this trip was also to qualify as Yachtmaster Ocean which will hopefully be obtained in November along with a commercial endorsement.

So loving sailing and boats and with an established asset finance business it was obvious to combine the two, particularly as no other marine lenders operate in the small loan market of £3k upwards. The final part of committing to the marine finance sector was my emotional response to selling the Drascombe – it was upsetting and left a lump in my throat.

Mike whale watching

Why not buy the boat of your dreams!

Our approach to lending is personal because I want to know that my customer has the same emotional tie to their boat that I do. With a reasonable deposit I believe that our customers are committed to their using and looking after their boats. To approve a loan we do a formal credit check and we need confirmation that we are not stressing the customer financially. We look at bank statements to make this decision. We want the customer to be as happy as we are they can afford the repayments.

In the UK we are the only provider of marine mortgages; we can assist with requests from £3000 upwards with maximum loan amount currently of £50k and over periods from 2 to 10 years.

This is a really quick and simple process and can be done in less than 30 minutes. Documents are straight forward and are emailed to our customer. From beginning to end the process can take less than a week. Some of the better known lenders will take weeks and months to make a decision.

Most of our customers borrow the minimum amount they need which is typically less than 60% of the boat value although we have loaned up to 80%. We have no set criteria on age and type of vessel. As long as it is seaworthy and does not have lots of expensive work to be done it we will probably finance it.

Our flexible approach extends beyond completion. Our customers can settle a deal at any time without interest penalty and a fair few do this, some upgrading, some selling and some just paying off early when circumstances allow them to do this. We don’t mind we just want happy customers and happy boaters.

Our website and Facebook pages tell you more about us and the boats we have financed.

Contact Promarine Finance

Contact Promarine Finance

If this is of interest to you, why not give me a ring, let’s start a conversation, and see what we can do to help.

Regards

Stuart Austin

01432 347 770

07977 936 084

www.marine-finance.org     Twitter      facebook

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