Maybe you need a million dollar loan?
If you need a loan in the million dollar and up range, it can be a very different animal in the world of finance. We can help – all we do is million dollar and up loans.
We handle a lot of finance applications in our business model because we use these credit approvals instead of letters of credit in our New Construction program. As a result, we get to know the banks operating in the million-dollar and up range, what their requirements are, what you will need for documentation, and where the land mines are that can derail an application. We know how to bargain for the best rates and terms, and how to navigate the new approval process which has changed since the financial meltdown.
“I have the cash in my account, I would never borrow money!”
Sometimes having a credit approval can be a big help, even to those owners who prefer not to borrow money to buy a yacht. It is still a relatively fast and inexpensive application process and something you can have in your back pocket just like a line of credit when you go shopping for a yacht. We have had more than one owner who was about to close on a yacht when suddenly a business opportunity of a lifetime popped up and they wished they had a finance commitment in their back pocket.
In our Hargrave New Construction program, we sometimes find that having a pre-approved finance line of credit has been valuable for our owners who always pay cash. Because of the large sums of money involved, we sometimes find that the yacht is completed and ready to ship at a time that is just “inconvenient as hell” as one owner put it, to suddenly pull several million in cash out of his business.