Marine Forum

Buying a 37 sailing yacht

Lotus111R

17 October 2010 09:04:55

Joined: 16 October 2010 10:59:04 | Posts: 2

I was looking at buying a Jeanneau 37 or Etap 38i both are priced at 40K including tax; I inquired about financing the purchase with my bank and a specialized marine mortgage company. Both companies came back to me indicating that they would not finance a vessel costing less than £50K. I therefore was thinking of proposing to the seller to pay £750 a month for 60 months or £45000 after which the title of the vessel would be handed over to me.
What would be the pitfalls for doing this? How can I ensure the broker gets his fee upfront? Any idea of potential sellers that might be interested in such a proposal?