Purchase a new yacht
| purpose | Purchase a new 62’ motor yacht |
| loan limit | $2,000,000 |
| lvr | 56% |
| loan term | 12 month (interest only) 100% balloon |
| facility type | Equipment Finance – Chattel Mortgage |
| interest rate | Fixed for term |
Being regarded as specialised goods (smaller vessel such as a Riviera would be more saleable in the event of recourse to the asset) the vessel was not highly regarded from a resale point of view as well as that the asset did not relate to clients business.
Guarantee were able to set the deal considering the client was a strong experienced property developer, however continuance of income and servicing could not be guaranteed.
One of two Directors guarantees were waived, the loan term was short (unique for equipment), interest only (difficult to set) and forward fixed as the vessel was being imported from Europe.
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