Older Yacht Financing: Beyond the Typical Age Cutoff
What happens when you find the right boat—but it’s too old for most lenders to finance?
For buyers shopping the older yacht market, financing can become a roadblock surprisingly quickly. Many lenders have fairly firm age limits, even when the boat in question has been exceptionally well cared for, extensively updated, or undergone a major refit.
In this episode of Floatplan, Matt and Tim chat with Aisling Soler of Shoreham Bank, a lender offering something relatively unusual in the industry: a willingness to consider financing boats beyond the typical lender age cutoff.
Aisling explains why the year on the hull doesn’t necessarily tell the whole story. Instead, Shoreham can look at the individual vessel—its condition, survey, market value, maintenance and improvements—alongside the financial strength of the buyer. In fact, their program has no specific vessel age restriction, opening up financing possibilities for well-maintained, restored and refit boats that may otherwise be difficult to finance.
The conversation covers what makes an older boat financeable, what lenders want to see in a survey, how significant refits and upgrades factor into the process, and how survey findings or needed repairs can affect a deal. They also get into the practical numbers: credit requirements, debt-to-income ratios, down payments, loan terms, rates, insurance requirements and how quickly a loan can close.
If you’ve ever assumed that buying an older yacht means paying cash, this episode is worth a listen. There may be more financing options than you think.
Thank you to our guest, Aisling Soler