As well as helping our clients with bed and breakfast funding, we also specialise in marine finance. The prices of waterfront properties in the UK continue to be stimulated by strong demand, both at home and overseas. Owning a boat is a luxury that many people are considering more and more seriously. Before making the purchase, it is important to weigh up the financial considerations. The purchase price is not the only cost you’ll face when you own a boat; there are also mooring fees, maintenance and fuel costs to think about.
The strong level of demand is making developers pay closer attention to opportunities where they can create a marina. The UK coastline has many places where this would be possible, but projects are very large and can require a great deal of investment. Luckily you can obtain loans specifically for this purpose with a number of specialist lenders offering marine finance for boat buyers and marinas alike.
The value of waterfront properties and marinas make them good security against a mortgage or a loan. Whether you’re planning a commercial pursuit or will be using the space for your own private use there are several things that will make your application for finance more attractive to lenders. Any experience you have in the sector is appreciated and a detailed debt proposal will also be well received.
A mortgage or loan for a marine pursuit will be slightly different to lending on a building. You’re likely to require a bigger deposit as security. Many providers will only look to lend between 60% and 75% of the value so you’ll need to cover the rest yourself. If it is a commercial pursuit there may be other constraints to meet too.
With our experienced brokers on side you’ll find the process much simpler. We specialise in helping clients to find the right funding for their projects, whatever aspect of the marine sector they are looking at. We will search the market for you and do all we can to secure the loan you need, whether it is for a purchase, a re-mortgage so you can take advantage of a better rate, debt consolidation or funds for new cash injections. Contact us now for more information about our services for marine and bed and breakfast funding.