In support of Pip Hare and her incredible Vendée Globe challenge, the team at Promarine will be undertaking a charity initiative. As a business syndicate partner for Pip, we were in touch with her to find out how she prepares with stress and maintains her mental wellbeing.

We discovered that Pip runs. Inspired by this, we are encouraging our team to do exactly the same. For every mile that we run, cycle or go for a walk during her time at sea, we will be donating £1 to Pip’s chosen charity, Visa-gb. We have already covered an impressive 159 miles amongst us!

Our aim is to reach 700 miles over the next few months and we’ll be updating you on our progress. Let’s get our trainers on!

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.”

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?

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.