At Shoreline Asset Finance we understand that not everybody is the same, and not everybody's needs when it comes to financing a major purchase are the same. That's why we remain flexible in our approach, and will discuss your needs with you before we begin to arrange your finance.
The product we recommend will be determined by the type of vessel, the intended use and the size of the facility required. A registered vessel will usually require a Marine Mortgage, but an inshore craft may only need a Hire Purchase Agreement. (Please see our Useful Information section for a full description of our product range.)
For those buying a new vessel we may be able to offer up to a 15 year Marine Mortgage depending on status and size of facility required while still being able to offer a 10 year term for those seeking to purchase used. Rates are dependant on the individual application but can be fixed or variable. (Please see our Useful Information section for a full description of our product range.)
New vessels and vessels up to 12 months old would not normally require a professional valuation and survey, however, it is usual for a lender to request an ‘asset inspection’ in this case. For vessels over 12 months old a professional valuation and survey should be expected as part of the lending criteria.
There are no limits to the amount of facility we can arrange, subject to the loan not exceeding 80% of the valuation or cost of the vessel, which ever is lower.