Promarine Finance reports substantial year-on-year growth during Spring and Summer 2020

Promarine launches new website and brand refresh to mark its 10-year anniversary

Leading marine finance lender, Promarine Finance has seen a 30% year-on-year increase in the number of finance deals from April to the end of September 2020.

Promarine Finance offers fixed rate marine mortgages for new and used RIBs, motorboats, sailing yachts and canal boats over periods of two to 10 years. The biggest demand has been driven by motorboat and RIB finance during this time. Promarine has seen a substantial 68% year-on-year increase in the number of motorboat mortgages and 117% year-on-year increase in finance deals for RIBs from March to the end of September this year. Canal boat finance has remained consistently strong compared to 2019 as Promarine is the only lender financing liveaboards since March 2020.

Stuart Austin, Director of Promarine Finance, comments: “Since March we have received a surge in demand for boat finance compared to the same period in 2019, particularly for motorboats and RIBs. June alone saw a staggering 257% year-on-year increase in our boat finance deals across the RIB, motor, sail and canal vessels. This highlights the growth in leisure boating in the UK and indicates that boat ownership is still popular in the current climate. As a result of COVID-19, we know more people are opting to holiday in the UK and spend their leisure time on the water – this is a very positive indicator for the industry.

He continues: “2020 is a pivotal year for us, not only do we celebrate our ten-year anniversary, we are launching a brand-new website and brand refresh. We wanted to invest in the future of the organisation following this period of growth as we embark on the next ten years and beyond. We aim to make the process of arranging marine finance for boats as simple as possible and our new website gives customers an even better online experience.”

New Sales Administration Manager Appointed at Promarine Finance

Leading marine finance lender, Promarine Finance has appointed a new Sales Administration Manager, Bella Cooper.

Bella appointment is part of an on-going development programme that will see the company continue to expand over the next 12 months.

Bella will be responsible for the management of all finance agreements, from proposals through to completion. Bella will play an active part in developing Promarine Finance’s commercial activity, acting as a liaison for customers, vendors and brokers. A key part of the role will see Bella collate finance and boat documentation as well as manage Promarine Finance’s CRM system.

Stuart Austin, Director of Promarine Finance, comments: “Bella’s appointment comes at a pivotal for us. Promarine has experienced significant growth and it is important that we scale our team in order to continue to offer the very best service on the market for our customers. Bella has a wealth of experience in the marine industry, not only is she a professional yacht and powerboat skipper, a mentor at the British Keelboat Academy, she is also a skipper for the successful racing charter @TeamTigress. It is a pleasure to welcome her to our team.”

Bella comments: “I am delighted to be joining Promarine Finance as Sales Administration Manager. When I met Stuart, I was very impressed with the company ethos and vision which I am excited to be part of as it embarks on its next 10 years. I am passionate about boating and look forward to working with the team over the coming months and years ahead.”

How much do you know about your new boat?

Another good reason to choose Marine Finance and a reputable broker over other options which may at first seem better value:

Our colleague Charlie spoke with a vendor (private sale) this morning who confirmed he had owned the boat for 2 years having bought via the courts due to the previous owner losing it through a fraud. We were were told there is correct paperwork to prove the purchase from the court, but the vendor did not know if the boat was VAT paid.

The buyer contacted the builder and the boat is known to them and they confirmed that VAT hasn’t been paid. The boat was infact heavily damaged resulting in a complete hull rebuild, transom replace and new engines and electronics. The current owner purchased from the court for a paltry sum. The repairs may be all fine but is this a risk worth taking and at what price?

A personal loan application would not identify any of the above.

What is the value of choosing to work with Promarine Finance?

We are Still Lending

Boat enquiries have started coming back and we have issued acceptances conditional on the following:

How is lock down affecting you financially?

Completion can only take place once lock down has been lifted unless there are compelling reasons to complete beforehand.

Our view of Southampton Boat Show 2019

2019 marked the third year for ProMarine Finance Ltd to exhibit at the Southampton Boatshow, being the second time in Mayflower Park between Ocean Hall and the Marina. Having seen Marine Mortgage lending grow in certain sectors through the year, we found this year’s show had a very different feel and not representative of the past 12 months.

Did the heat keep the visitors away? – well we were told by some with tickets the weather was too good to go to the show!!! At least on the marina there appeared to be a cooling breeze most days – whereas our location was sweltering, causing us in the afternoons to end up squeezing into the back of the stand to get out of the sun!!!

Previously our location was chosen so to be close to other Marine Mortgage lenders, however 2019 saw us as the only finance exhibitor with a stand, meaning we received enquiries for larger boats that didn’t fit into our lending profile. We also didn’t have visitors who were looking to get started in boating, nor did we see many looking for a lower value boat, or a vessel of an older age – all being our typical customer.

So where were the typical smaller boat buyers? – Did the emphasis being driven by British Marine and their Futures Project of selling ‘boating experiences’, which is further emphasised by the show’s main sponsor ‘Borrow a Boat’, mean that our target audience chose not to come?

Our business is growing well, mostly due to the internet, so maybe customers in our market can research all they need from the internet….. We believe this is why other Marine Mortgage providers chose not attend and it could certainly influence our decision to be present in the future.

As always we enjoyed ourselves at the show meeting new, past and present clients, along with the regular boat dealers. The BRBA dinner was a great event at the Grand Café, superb food and generous drinks from Coleman Insurance – always makes for an entertaining journey home on a Brompton Bike!

Makes us wonder if the traditional boat show for attracting boat buyers and selling boats has run its course in the UK – London is no more, On the Water was cancelled and Southampton feels as though it is shrinking. There appear to be plenty of big names in the industry voicing support for the show and their sponsorship, but we are not too sure whether to believe it.