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Yacht Financing
Acquiring loans
for boats and yachts has become very straightforward. After
a condition and evaluation marine survey, a
sales comparison approach is taken including recent sales of
comparable boats and yachts from
BUC Used Boat Price Guide, reporting services, brokers
references, and
marine surveyors files. Financing can usually be acquired
based on the applicants credit history and the survey
report.
An owner may consider
both a certified appraisal and a marine survey if he wants to
refinance a boat
or yacht to document all retrofitting, upgrades, and additions
that may enhance the value as collateral for loans, which
may form the basis for an agreed value.
The certified appraisal
inspection report must make adjustments up and down between the
comparable boats
and the subject boat, as to why specifically one boat or yacht
has a higher value for financing purposes than another.
All improvements will effect the value of the subject boat
such as: recently replaced or overhauled
engines, recently replaced or upgraded marine electronics,
recently replaced or
upgraded hardware, recently replaced or upgraded equipment, or
recent extensive upgrades or improvements to the boat.
Helpful Hint: a detailed breakdown of repair costs
and proof of payment is
very helpful.
All components must be
carefully inspected and all necessary repairs should be completed
before applying for a loan or
refinancing. Choose you marine surveyor and certified
inspection team carefully. Both
out of the water haul-outs and sea trials are mandatory for a
completed inspection. It is also advisable to have a complete
detailed list of recent improvements and upgrades in the last
twelve months to the boat or yacht
including pricing and costs.
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MEMBER:
Classic
Yacht Association
C-Port
Boats
US Referral
California
EPA
Department
Health Services
Occupational
Safety Health Administration
American
Society of Non-Destructive Testing
American
Arbitration Association
Office
of California Real Estate Appraisers
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Agoura Hills, Airport LAX,
Artesia, Bel Air, Bay Area, Bellflower,
Beverly Hills, Brentwood, Burbank, Calabasas,
Canoga Park, Carson, Century City, Cerritos, Chatsworth,
Commerce, Compton,Culver City, Downey, Los Angeles,
Encino, El Segundo, Florence, Gardena,
Glendale, Hawaiian Gardens, Hawthorne, Hermosa
Beach, Hollywood, Huntington Beach, Huntington Park,
Inglewood, Laguna, Lakewood, Lawndale, LAX, Lomita,
Long Beach, Los Angeles, Lynwood, Malibu,
Manhattan Beach, Mar Vista, Marina del Rey, Los
Angeles, Palos Verdes Estates, Paramount, Pasadena,
Playa del Rey, Rancho Palos Verdes, Reseda, Redondo
Beach, Rolling Hills Estates, San Clemente, Santa
Ana, San Pedro, Santa Monica, Silverlake, Signal
Hill, Sherman Oaks, South Gate, South Pasadena,
Studio City, Tarzana, Torrance, Universal City, Van Nuys, Venice,
Vernon, View Park, West Los Angeles, Westchester,
West Los Angeles, West Hollywood, Westwood, Woodland Hills,
Windsor Hill
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