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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.”