03-18-2013, 11:19 AM
I thought I would post some recent information I recieved for clients I have looking for a pre-owned vessel.
These clients have no debt, good income, but they had a short sale (2nd home) about four years ago.
After contacting a premier yacht lending source, they are not seeing any marine lending sources accepting any deals that involve any type of short sales. While the banks are lending, they are requireing clean credit, low debt to income and a good amount of liquidity.
Home equity or personal banking sources are going to be the only way to finance a vessel if you have a short sale on your credit history.
If anyone knows of a lending source that will consider a deal with a shortsale, it would be nice to know.
Sincerely,
These clients have no debt, good income, but they had a short sale (2nd home) about four years ago.
After contacting a premier yacht lending source, they are not seeing any marine lending sources accepting any deals that involve any type of short sales. While the banks are lending, they are requireing clean credit, low debt to income and a good amount of liquidity.
Home equity or personal banking sources are going to be the only way to finance a vessel if you have a short sale on your credit history.
If anyone knows of a lending source that will consider a deal with a shortsale, it would be nice to know.
Sincerely,
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