Promarine Finance reports 45 percent growth in Q3 2021

Leading marine finance lender, Promarine Finance has seen a 45 percent growth in Q3 compared to the same period in 2020.

Promarine Finance offers fixed-rate marine mortgages for all types of leisure vessels including new and used RIBs, motorboats, sailing yachts, and canal boats over periods of two to 10 years where the finance is secured against the vessel. It can offer finance from £5,000-£500,000 with flexible repayment terms allowing customers to make extra payments or to settle at any time without penalty.

One of the strongest growth areas is in the canal boat sector with the number of deals for this period showing a 93 percent year-on-year increase demonstrating the popularity of those choosing a liveaboard vessel as their home, a trend that is showing no signs of slowing down.

Stuart Austin, director of Promarine Finance, said: “I’m delighted to see consistent growth in Q3 and over the last 12 months as a whole. We’re providing finance on all types of deals from Saxdor 320s through to Elan 45s and also seeing more and more younger people making purchases whether those entering the market and only just getting into boating and those looking for a way onto the ‘housing ladder’. This period of growth has coincided with a very successful Southampton International Boat Show where we met with both new and existing customers.

“In 2020 we saw in the demand for boat finance for liveaboard vessels which demonstrated how behaviours were changing during the pandemic. However, this has continued to increase and shows what could be seen as a permanent shift towards liveaboard living. July 2021 saw an incredible increase of 250 percent compared with July 2020 and September saw a 100 percent increase compared with September 2020. Although some people were purchasing boats in 2020 for leisure due to not being able to go on holiday abroad, it’s the

popularity of people wanting liveaboard vessels for residential use which is really accelerating. We’re now seeing buyers purchase liveaboard vessels across the country, and not just in city centres, as an alternative and more cost-effective way of living.

“We are also the only company financing liveaboards and I think a big part of our growth is our willingness to offer early settlements without penalty which offers true flexibility.”

Stuart continues: “Marine finance is a simple way to obtain something valuable and spread the cost across monthly payments that suit you, so that it becomes affordable. Younger buyers want to get on the property ladder and boat ownership is a practical and affordable alternative to renting. We want to help people get the right boat, without the cost being the most defining factor.” For more information on marine finance visit Promarine’s website

Promarine Finance is a leading provider of marine finance. To find out if you’re eligible, get a quote today.

10 things we learned at Southampton International Boat Show 2021

Southampton International Boat Show (SIBS) recently took place for the first time since 2019, due to the Covid-19 pandemic.

For the Promarine Finance team, and many other exhibitors and attendees, this was one of the first in-person events they’d attended in almost 18 months.

This year, Stuart and the team were more involved than ever before, with two Foredeck stage appearances, including providing a seminar on marine finance and sitting on the ‘Buy a Boat’ panel.

So, what did the team take away from this year’s event?

1. It was a busy show for boaters

The show was inundated with boaters from all over, looking to shop around, upgrade their vessels, or even purchase a boat for the very first time. It’s safe to say that the boating community has sorely missed in-person events — and was excited to be back.

2. COVID-19 restrictions didn’t put off serious buyers

While restrictions have eased, there is still, understandably, some uncertainty around large-scale events. SIBS ensured attendees provided proof of a negative lateral flow test, taken 48 hours prior to the show, so guests could be comfortable and safe. Attendees were happy to comply with this rule, and the new safety measures did not put serious buyers off.

3. Deals can still be made at in-person events

The shift to online purchases over the past 18 months has been vital — and there is certainly still a place for it. However, we were pleased to learn that a good, old-fashioned deal can still be made in person. This is great news for the industry as a whole.

4. Pre-approved finance enables buyers to confirm and secure their purchase

If you’re looking to finance a boat, then getting the finance pre-approved (before you start shopping for your dream boat) will help you secure your purchase — and speed up the overall process.  

5. Demand is up, and so are prices

Delays in building, shipping, and transportation of goods have caused prices to skyrocket in a number of industries, and the marine industry is no exception. Plus, an increase in staycations has meant a rise in demand for boats — both new and second-hand. For the first time ever, the boat prices are appreciating.

6. It’s more important than ever to have a full, pre-purchase survey

With the growing popularity of used boats, a pre-purchase survey is a must. Buying a boat should be a well-considered decision, and inspecting the boat should be a key part of that.

7. Part-exchange (PX) deals can be made

Fantastic news for existing boat owners: if you’re looking to upgrade your boat, we now offer part-exchange directly and through our broker partners. Get in touch and we can help find the right solution for you.

8. We saw more existing customers than ever before

It was fantastic to see so many Promarine customers stop by our stand to say hi. Helping to make their boating dreams come true is what it’s all about — so we were pleased to see more than ever before, at this year’s event.

9. We need a bigger stand!

A quick wander around Southampton International Boat Show will open your eyes to a number of impressive, creative and attention-grabbing stands. With the entire Promarine team out in full force, and tons of interested visitors, we quickly realised that a bigger stand is a must. Watch this space!

10. Competition is changing

The marine finance industry has seen a lot of changes over the past few months, with some of our previous competitors exiting the market, others falling behind the curve, and some new competition on the horizon.

Promarine Finance is a leading provider of marine finance. To find out if you’re eligible, get a quote today.

Promarine’s Stuart Austin educates Southampton Boat Show visitors on marine finance and routes to boat ownership

Stuart Austin, director of Promarine Finance, hosted a talk at Southampton International Boat Show 2021, which offered the event’s visitors an introduction to boat finance.  

Stuart discussed how the marine finance sector has changed since the 2008 crash and gave a summary of the marine finance process as a whole, including flexibility, early settlement, and the overall involvement of the lender.

According to Stuart, who started out as a commercial broker 30 years ago, a lot has changed in the marine finance industry since Promarine Finance was launched. He said: “The current climate has seen several lenders exit the market in recent years, liveaboard vessels rising in popularity, and for the first time ever, boats are appreciating in value. We think it’s important that future boat buyers know that they have options.

He added: “Marine finance is a simple way to obtain something valuable and spread the cost across monthly payments that suit you, so that it becomes affordable. At Promarine Finance, we help like-minded people get the right boat, without the cost being the most defining factor.” 
The talk was streamed live on Facebook for viewers who were unable to attend.

Southampton International Boat Show returned this year after a two-year hiatus during the COVID-19 pandemic and holds a special place for Stuart and his team of five passionate boaters. Promarine Finance, which celebrated its eleventh anniversary during this year’s event, was launched at the show in 2010.

Stuart said: “It’s great to be back at face-to-face events this year, particularly one that is such a significant part of the history of Promarine Finance. We’ve been able to help a number of customers to get afloat over the first three days and we look forward to the remainder of the show.”

Watch the talk below

Promarine Finance is exhibiting at Southampton International Boat Show on stand EO14. Watch the talk in full!

Join us at Southampton International Boat Show for our Boat Finance seminar

This September, we will be exhibiting at Britain’s biggest boat show, Southampton International Boat Show, and it’s set to be better than ever before

On 13th September our director, Stuart Austin will be hosting a 30-minute boat finance talk at the event to help people that are new to boating.

Stuart said: “We’re excited not only to be exhibiting but also hosting a talk at this year’s boat show. After such a long time without in-person events, it will be great to be back doing what we love. Promarine Finance was launched at this very show in 2010, so this year will be of particular importance to us as we celebrate this milestone.”

With the growing popularity of boating and boat ownership, Stuart wants to share some of his years of experience with those considering buying or financing a boat. 

The talk from Promarine Finance, which will take place on Monday 13th September, will cover:

  • an introduction to boat finance and how it can help customers and brokers
  • how finance has changed since the 2008 crash, and what is different today 
  • a summary of the marine financing process, including agreement, settlement, and upgrades
  • Q/A session

He added: “Over the past year, we’ve seen a huge surge in demand for boat finance and it doesn’t seem to be slowing down. Boat ownership is a dream for a number of our clients, and we love nothing more than helping to make those dreams a reality.”  

Southampton International Boat Show takes place at Mayflower Park, Southampton, from 10-19 September 2021. To join Stuart and a host of other experts in the boating community, tickets are available to purchase here

To find out if you’re eligible for marine finance, get an instant personalised quote for your needs and have it approved in 30 minutes.