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Promarine Finance Q1 deals up 71%

Leading marine finance lender, Promarine Finance has seen a 71% increase in the number of finance deals in Q1 2021 vs 2020.

Promarine Finance offers fixed and variable rate marine mortgages for new and used RIBs, motorboats, sailing yachts and canal boats over periods of two to 15 years.

The biggest demand has been driven by motorboat finance during this time. Promarine has seen a substantial 180% increase in the number of motorboat mortgages in Q1 2021, a 150% year-on-year increase in finance deals for RIBs for the same period compared to 2020 and a 30% increase in the number of canal boat finance deals.

Stuart Austin, Director of Promarine Finance, comments: “Our Q1 performance this year has been our strongest to-date. We’ve noticed a surge in demand for boat finance, particularly for motorboats and RIBs. This highlights the growth in leisure boating in the UK and indicates that boat ownership is very strong.

With ongoing uncertainty about overseas travel and the requirement for vaccination passports, and ‘green zones’, more people are opting for guaranteed leisure time through boat ownership. We initially thought this to be pent-up demand, but it has become apparent that the industry is welcoming new entrants to the market. They are more decisive in their purchase; we believe they are not just here for the short-term but see leisure boating as a safe, unrestricted option.