[SOLD] Boat Finance

[Aravind]

Hi

I've taken an option an this beautiful 60' sailboat. I like it a lot, and am very motivated to go through with this. The thing is, freeing up budget may take more time then I have to pay the boat in full.
Currently the vessel is in France. I need about 50.000 €, which is 25% of the total boat cost.

The reason for needing a finance is that, selling our appartment will take a month or 2, and I have 2 more weeks to pay for the boat...

I'm not a fan of regular banks, and they are not a fan of mine, that is because my income is rather high, but also irregular. Most banks require a monthly paycheck, which I don't have.

If you have an idea or can help my family to live our dream, please comment or pm !
love
A

[redneckrob]

If you have other assets you can often borrow against them regardless of income. You can take out a loan against the equity in your apartment or a margin loan against your securities portfolio if it's just a short term bridge. You might also ask the seller if they would consider a seller's note, although that might be harder in today's seller's market.

[Jeanneau 45.2]

Request sounds a bit odd. What are you pledging as collateral against the 50K Euro advance? What return are you offering on the loan. Absent this information, sounds a bit sketchy IMHO.

[Allied39]

So your income is "rather high" but cant round up 50G.

What about a "go fund me" thing on the internet?

[AKA-None]

Cash advance against a couple of credit cards?

[Anders]

Originally Posted by AKA-None

Cash advance against a couple of credit cards?

Or pay with the credit cards if the boat is sold by a broker.

[Aravind]

Originally Posted by Jeanneau 45.2

What are you pledging as collateral against the 50K Euro advance? What return are you offering on the loan.

As I said in the OP, I al selling an appartment. This appartment can be in collateral if needed, and the loan will be paid back as soon as the appartment gets sold.
I prefer a p2p loan. Where I live banks require a monthly paycheck for any loan. As an investor I don't have that: I have months that I make a LOT, and I have months that I make nothing. I offer 9% yearly interest, with a maximum term of 12 months.

I'm already paying 150k-160k out of my pocket, which makes me fall 50k short today. The appartment will free up 140k for me, but it won't be in time to pay the sailboat...

[Chotu]

I’d be interested, but the interest rate is way too low. Not worth all the trouble and hassle of setting up the deal. Plus, prefer domestic deals for something like this.

[NaClyDog]

Originally Posted by Jeanneau 45.2

Request sounds a bit odd. What are you pledging as collateral against the 50K Euro advance? What return are you offering on the loan. Absent this information, sounds a bit sketchy IMHO.

Collateral for a 50 grand "loan" to "help his family to live their dream"? What on earth for? /s



Maybe my older age made me more cynical than I should be but that line set off a great many alarm bells for me.

[Aravind]

Originally Posted by NaClyDog

Collateral for a 50 grand "loan" to "help his family to live their dream"? What on earth for? /s

for a fair intrest of course

[goboatingnow]

Approach your bank for a bridging loan.

[NaClyDog]

Originally Posted by goboatingnow

Approach your bank for a bridging loan.

From his OP... "I'm not a fan of regular banks, and they are not a fan of mine, that is because my income is rather high, but also irregular. Most banks require a monthly paycheck, which I don't have."

[goboatingnow]

Originally Posted by NaClyDog

From his OP... "I'm not a fan of regular banks, and they are not a fan of mine, that is because my income is rather high, but also irregular. Most banks require a monthly paycheck, which I don't have."

Banks look at repayment ability and if you can show over a several year time period that you have sufficient combined income it shouldn’t be a problem , banks don’t really care about month to month they care that overall you have the repayment ability

Also with bridging you dont repay till the end.

[NaClyDog]

Originally Posted by goboatingnow

Banks look at repayment ability and if you can show over a several year time period that you have sufficient combined income it shouldn’t be a problem , banks don’t really care about month to month they care that overall you have the repayment ability

Also with bridging you dont repay till the end.

I'm not the Original Poster. I was simply pointing out his account of the situation... pun intended.

[sailorboy1]

Maybe a Nigerian Prince