FINANCE
FINANCE
Unlike the commercial shipping world, buying a superyacht with cash is commonplace. However there are a number of reasons why owners choose to use finance, either to fund the purchase price of a pre-owned superyacht, the purchase price or construction price of a new build, the cost of refit works or to refinance an already-owned yacht to free up capital. Since the credit crunch, there are fewer banks and financial institutions offering superyacht finance however there are still many options available including some traditional banks and in particular those offering private banking. If a bank or financial institution does fund your superyacht, they will want to know lots of information about you (and any company that has been incorporated to own the yacht), the superyacht and, where the yacht is under construction, the builder. They will also want to know where the superyacht will be based, how it will be operated and where it will sail to.
It is common for lenders to expect you to put 30 to 50 per cent of your own money into the project before they will contribute.
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