Marine finance for old wooden boats

[Black Diamond]

Hello all,

Does anyone have any leads on which finance houses offer marine finance on wooden vessels? I spoke to Lombard, recommended elsewhere on this site (err, the Motor Boat Forum....) and although they thought me quaint, declined my enquiry as they only finance plastic or tin. Then I spoke to Barclays, and they do finance wood, as long as it is brand new. I felt like saying it was new, made from pallet wood on MDF frames, but resisted the urge to waste their time.

I don't want to jinx my intended purchase by expanding upon it, but wondered if there's any finance house currently brave enough to chuck money about outside the more fuid resale market (re which I noticed on Barclays site that over a third of the office staff are on the 'recoveries' side)

Thanks

Greg

 

[burgundyben]

House....

I raised the cash for mine by extending the house mortgage, maybe you could do that?

 

[Black Diamond]

Hey, what a good idea! Thanks, BB. If there isn't enough latitude in the mortgage, I think the loan is going to be called (marine) home improvements!

 

[Tranona]

Hey, what a good idea! Thanks, BB. If there isn't enough latitude in the mortgage, I think the loan is going to be called (marine) home improvements!

Highly unlikely any finance house will do secured lending on a wood boat - difficult enough on any boat now.

Borrowing against house is best way as lowest rate of interest but of course depends on your individual circumstances.