We have just finalised negotiations with a leading funder to provide finance subject to the undernoted terms and conditions
The loan must be made to a UK Registered Company and is only applicable to Commercial Vessels
The minimum deposit is 10% + VAT
There will be a charge of approximately £1,000 for solicitors fees to arrange the marine mortgage
The Funders will require sight of your set of accounts covering the last three years (if possible, Audited) as well as your current management accounts
There is an expectation that you will have a reasonable Business Plan completed therefore, if you do not have one, we may be able to complete one for you – for a charge
There is an expectation that you have a degree of experience with regards to the venture
The finance is only available to vessels which are under 10 years old (older MAY be possible)
The maximum term of the loan will be ten years
HOW SOON BEFORE WE GET THE MONEY?
We should be able to secure an ‘in principal decision’ provided that we have all the required information, within 24 hours. This should enable you to make a tentative offer on the vessel
The Legal paperwork including the Mortgage can take time as various enquiries concerning Registration etc have to be made
Therefore as a very rough guide, think in terms of one month
WHAT DO WE DO NOW
Please complete the Enquiry Form on this web site as we need the basic details to start with
We will contact you with a list of the items we need to place your application in front of the Funders
Either us or the Funders directly will contact you with a view to (a) a decision in principal (b) what action will happen if the application has been accepted
