Our rates are affordable because we focus on a particular area of the marine vessel market where owners agree to limit the use of the vessel to pleasure or limited charter (less than 71 days of charter per year) in order to qualify.
NORTHFIELD, Ill. (PRWEB) July 05, 2018
Said Trebels: “The global recreational boat market is expected to be worth approximately $23 to $30 billion by 2018. We are pleased to expand our options for marine ownership this summer. Construction of recreational vessels and even large superyachts are booming. Our marine financing rates are affordable because we focus on a particular area of the marine vessel market in which owners agree to limit the use of the vessel to pleasure or limited charter (which is less than 71 days of charter per year) in order to qualify.”
Added Trebels: “The rules on ownership are flexible: ownership may be personal, joint, or single asset holding company. We will consider, on rare occasions, ownership held in an already operating and established business.”
Trebels said that so-called “straw purchases” – where someone buys and owns the vessel, but another person or entity is the primary user of the vessel – are not allowed under the current terms of the program.
All loans, Trebels noted, will require a personal guaranty.
Funding: $250,000 - $20,000,000
Term: 3 to 20 years
Current Rates (ARM): 3-year & 5-year @ 4.5-4.75%
Current Rates (fixed): 4.75% amortized over 20-year term
Down payment: 20% for less than $4.5MM, 30% for $4.5MM and greater
Fees: $995 Processing Fee, and Marine Appraisal Fee
Location: 50 US States
Interest-only program available. Please inquire for more details.
Under $500,000: 4 points
$500,000 - $2,000,000: 3 points
$2,000,000 - $5,000,000: 2.5 points
$5,000,000+: 2 points
Equipment Leasing Group of America, LLC (ELGA), was formed by veterans of the leasing industry with over 40 years combined experience in creating custom equipment solutions. Where other lenders fail to meet needs, ELGA provides equipment finance solutions for A, B, and structured credit profiles. As an independent financing partner, ELGA is uniquely suited to serve the needs of middle-market businesses. Leases from ELGA have included enterprise software and assembly-line equipment for manufacturers, high-end diagnostic and surgical-suite equipment for healthcare providers, and conventional construction equipment such as excavators and bulldozers.