How does bridging finance work?
Bridging finance could help you buy a new boat while you wait for the sale of your existing one.
Our team is able to help customers in situations where they have found their dream boat, but haven’t yet sold the one they currently own. Bridging loans enable us to provide short-term marine finance to valued customers – ‘Bridging Finance’ for boats that are interest only.
What are the advantages of a bridging loan?
- Fast to arrange
- Flexible lending criteria and payment terms
- All types of boats can be purchased
- Enables customers to negotiate better rates as a ‘cash buyer’
- Gives you time to sell your old boat for a more competitive price
How we help our customers
We recently worked with a customer to provide a new loan for their new boat and a separate bridging loan secured on both boats – with the view to settle once his existing boat sells. This allowed him to get the boat of his dreams and win it against a cash buyer because of the bridging facility.
Promarine will work with you to agree a monthly interest payment for a set term and the full amount is repaid once your funds are available. If the term needs to extend, then the deal rolls forward for a set period.
Read our Bridging Loan case study: No need to wait to sell your boat before buying your next to learn more.