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Old 07-26-2011, 02:15 PM   #1
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Ok my loan got turned down by CGI... and I do not understand why, I was putting 25% down over 15 years and have no debt and a credit score over 800, and CGI are or appear to be the only company that finances yachts in the Moorings charter fleet.

With my credit score and history there has to be a company that will finance me. ... I tried BofA but they do not finance sail boats.

I am so sick and tired of dealing with banks, I am classified as having a credit rated that is better than 96.2% of all Americans yet I cannot get a loan, how does the average Joe get this done.

Help, suggestions and ideas are most welcome.

Bahumbug !!!
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Old 07-26-2011, 02:37 PM   #2
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Perhaps this is a silly suggestion, but have you tried a mortgage broker who has access to private lenders? They often have less stringent restrictions... at least in Canada they do.... Good luck!
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Old 07-26-2011, 04:02 PM   #3
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Quote:
Originally Posted by KevinBarr View Post

Perhaps this is a silly suggestion, but have you tried a mortgage broker who has access to private lenders? They often have less stringent restrictions... at least in Canada they do.... Good luck!
Thought about that but private lenders want too much interest, well at least here in the USA.
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Old 07-26-2011, 07:12 PM   #4
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That is a problem,

If you are planning on putting your boat in a charter fleet I would look at a charter group outside the US at present and find one that holds the Title as full security (Banks don't consider the current economic times good for boat buying). Here in the UK I have been told that 30% down payment and having 20% greater then the boat payment in disposable income (not required to pay bills and live) is what most of them are asking for, plus the boat and a second source of guarantee against the loan. I know this is not good news and sorry to be saying it but it is what I have found (and a major reason we are looking at some of the options we are looking at).

Best of luck and hope that it all comes together.

Michael
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Old 07-27-2011, 04:25 AM   #5
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We've been out of the credit market for too long for me to come up with a contact, but.

I googled "yacht financing" and came up with Boatmoney.com - perhaps you did, too?

When we bought SV Watermelon, the boat broker came up with a private yacht finance company (long since sold to a bank)whose rates were reasonable (but this was a long time ago!) - has your broker not come up with anyone except CGI?

Boat financing is a big issue, I wish I had more info. to share.
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