#marinefinance – In a Spring–time boost for the Irish marine industry, boat finance is being made available for the first time in over five years through niche Dublin finance house First Finance and Leasing Ltd (FFL).
It's the first time since the crash that a credit line is available and it is being made against a backdrop of little interest from any of the mainstream banks who have shown no appetite to re-enter the marine mortgage market despite some major improvements in the boat buying scene.
As the economic tide slowly turns back in Ireland's favour, main Irish boat dealers such as MGM Boats and BJ Marine on the east coast and Crosshaven Boatyard on the south coast are reporting significant interest in both new and second hand craft from Irish buyers based at home and abroad.
Arranged through well know Irish boat registration agent Bronwyn O'Donnell, the new loans may not be at the 80 or 90% levels on offer several years ago but they do run to as much as 60%, she told Afloat.ie
O'Donnell, a boat registration expert, who is working with banks to source new opportunities, stresses the FFL offer is a 'genuine marine mortgage' with no other security sought other than the boat itself.
In February, at least three new boat deals are reported to have gone through the FFL marine book and there are more in the pipeline this month too, according to O'Donnell. It's a major step forward for the industry after the departure of Bank of Scotland Ireland and Lombard, the previous Irish marine finance players.
For more details on the new service contact Bronwyn O'Donnell of Boat Registration Services Ltd on 087 811 0962