Reply
 
Thread Tools Display Modes
 
Old 12-02-2014, 10:24 AM   #21
Senior Member
 
obthomas's Avatar
 
City: Seabrook Texas
Country: USA
Vessel Name: TheVenture
Vessel Model: 1985 Bestway Labelle Sundeck 40ft
Join Date: May 2013
Posts: 462
I live aboard and have a nearby post office box. I do not consider myself a Bum. The post office will not deliver mail to the marina, so when it comes to certain licenses such as drivers license, engineering license, concealed carry, and passport that insist on a physical addresses what am I to do? I have to lie. This is not my nature just my predicament.
__________________
Advertisement

obthomas is offline   Reply With Quote
Old 12-02-2014, 10:30 AM   #22
Senior Member
 
nwboater's Avatar
 
City: Whidbey Island WA
Country: USA
Vessel Name: MV Kika
Vessel Model: Selene 47 Ocean Trawler
Join Date: Oct 2008
Posts: 187
Key Bank in Anacortes specializes in boat loans with low rates.
__________________

__________________
Richard Soto
MV Kika, Selene 47 Ocean Trawler
nwboater is offline   Reply With Quote
Old 12-02-2014, 11:41 AM   #23
Senior Member
 
City: Hampton Bays, N.Y.
Country: USA
Vessel Name: Grand Yankee
Vessel Model: 1981 49' Grand Banks Classic
Join Date: Oct 2007
Posts: 326
The last few vessels that I surveyed were all purchased using HELs. Very good interest rates.
Ron T is offline   Reply With Quote
Old 12-02-2014, 12:38 PM   #24
Guru
 
psneeld's Avatar
 
City: Avalon, NJ
Country: USA
Vessel Name: Freedom
Vessel Model: Albin 40
Join Date: Oct 2011
Posts: 15,887
Quote:
Originally Posted by obthomas View Post
I live aboard and have a nearby post office box. I do not consider myself a Bum. The post office will not deliver mail to the marina, so when it comes to certain licenses such as drivers license, engineering license, concealed carry, and passport that insist on a physical addresses what am I to do? I have to lie. This is not my nature just my predicament.
Exactly....that's why I say the system is broken...some agencies have no allowance for "out of the box"."off the grid", etc lifestyles.

New Jersey told be to suck it up and live without a driver's license.

So my choice is to lie to an agency with the inability to see past their nose of do without many things in life even life long criminals are entitled to under the guise of "constitutional rights".
psneeld is online now   Reply With Quote
Old 12-02-2014, 01:21 PM   #25
Guru
 
alormaria's Avatar
 
City: Trenton
Country: USA
Join Date: Apr 2012
Posts: 902
Join BoatUS. They will find a bank for you. They even got me and my boat financed.
__________________
Al Johnson
34' Marine Trader
"Angelina"
alormaria is offline   Reply With Quote
Old 12-02-2014, 02:44 PM   #26
Guru
 
siestakey's Avatar
 
City: Sarasota,FL/Thomasville,GA
Country: USA
Vessel Name: Steppin Stone IV
Vessel Model: Marine Trader Kelly Trawler 46
Join Date: Jul 2013
Posts: 1,271
Send a message via Skype™ to siestakey
Quote:
Originally Posted by alormaria View Post
Join BoatUS. They will find a bank for you. They even got me and my boat financed.
Amazing all the things Boat us does I did not know
siestakey is offline   Reply With Quote
Old 12-02-2014, 02:59 PM   #27
Senior Member
 
Skinny's Avatar
 
City: Portsmouth, NH
Country: United States
Vessel Name: Misfit Toy
Vessel Model: 79' Mainship 34 MKI
Join Date: Nov 2014
Posts: 169
Chris Stevens at Sterling Associates in MA helped me with my 79' Mainship. Not many banks are willing to look at something that old. If someone needs a contact, please PM me. I'm sure you can find it with a search but I'm not posting someone's email or phone number in a public forum. The reason I decided not to pay more up front for my boat is that my interest rate is relatively low and my retirement account is doing much better. The obvious choice would be to front load more money into retirement than paying off debts at this point. Even if you can afford it, sometimes it is not the best decision to pay for things outright. Not to mention with an older boat I would rather have some cash in the bank for emergencies.
Skinny is offline   Reply With Quote
Old 12-02-2014, 07:44 PM   #28
Senior Member
 
tegdesign's Avatar
 
City: Seattle
Country: USA
Vessel Name: Nordvind
Vessel Model: Nova Heritage 36
Join Date: Oct 2014
Posts: 125
I just financed through Key Bank. They were very low key but easy to deal with and had no problem with an older boat. Once they tell you what you would be approved for (they use what ever boat you are seriously thinking of as a starting point) make sure you have them recalculate when you finally make up you mind on the boat you want to make an offer on because the approved loan amount will change per boat. Get your approval in writing.
__________________
Nordvind | 1987 36' Nova | Volvo TMD41A
tegdesign is offline   Reply With Quote
Old 12-03-2014, 12:37 AM   #29
Guru
 
Wayfarer's Avatar
 
City: Oneida Lake, NY
Country: USA
Vessel Name: Radio Flyer
Vessel Model: Wilderness Systems Aspire 105
Join Date: Aug 2014
Posts: 784
Quote:
Originally Posted by nwboater View Post
Key Bank in Anacortes specializes in boat loans with low rates.
Quote:
Originally Posted by Ron T View Post
The last few vessels that I surveyed were all purchased using HELs. Very good interest rates.
Quote:
Originally Posted by MikeM View Post
Sterling Acceptance in Annapolis gave us 4% for 20 years on a 1991 KK42. The best I could get from anyone else was 4.25%.
This is very encouraging, thank you. That's better than the rate I got on my mortgage. I guess It would be financially irresponsible for me not to finance a boat... right??

Quote:
Originally Posted by obthomas View Post
I live aboard and have a nearby post office box. I do not consider myself a Bum. The post office will not deliver mail to the marina, so when it comes to certain licenses such as drivers license, engineering license, concealed carry, and passport that insist on a physical addresses what am I to do? I have to lie. This is not my nature just my predicament.
Quote:
Originally Posted by psneeld View Post
Exactly....that's why I say the system is broken...some agencies have no allowance for "out of the box"."off the grid", etc lifestyles.

New Jersey told be to suck it up and live without a driver's license.

So my choice is to lie to an agency with the inability to see past their nose of do without many things in life even life long criminals are entitled to under the guise of "constitutional rights".
I honestly don't even feel like I'm lying to them. I'm going to be using my mom's address. I've got a room there that doesn't move. All of my stuff will be in the basement. I'll be paying them for storing it. My mail will be delivered there. Why wouldn't I use that as my address?? As it stands I'm living on a cargo ship for seven months out of the year anyway, so even living aboard 'full time,' will only amount to 5 months out of the year, maximum. People with big dirt houses that spend that much time on their boats wouldn't be considered full time live aboards by the bank or insurance company, would they??

Quote:
Originally Posted by alormaria View Post
Join BoatUS. They will find a bank for you. They even got me and my boat financed.
Quote:
Originally Posted by siestakey View Post
Amazing all the things Boat us does I did not know
I'll have to look into that.

Quote:
Originally Posted by Skinny View Post
The reason I decided not to pay more up front for my boat is that my interest rate is relatively low and my retirement account is doing much better. The obvious choice would be to front load more money into retirement than paying off debts at this point. Even if you can afford it, sometimes it is not the best decision to pay for things outright. Not to mention with an older boat I would rather have some cash in the bank for emergencies.
This makes a lot of good sense to me.

Quote:
Originally Posted by tegdesign View Post
I just financed through Key Bank. They were very low key but easy to deal with and had no problem with an older boat. Once they tell you what you would be approved for (they use what ever boat you are seriously thinking of as a starting point) make sure you have them recalculate when you finally make up you mind on the boat you want to make an offer on because the approved loan amount will change per boat. Get your approval in writing.
Thanks Teg, this is the kind of stuff that's really helpful to hear. Sounds like the approval process is basically the same as buying a house.

Speaking of buying houses... I don't understand why it's not only acceptable, but encouraged that I should buy an 80 year old house, finance eighty percent of it's price, and pay it off at 5.7% for thirty years... but somehow buying a 40 year old boat, financing sixty percent at a rate of 4.5%, and paying it off in 20 years makes me a bum. I don't know anybody that can afford to buy a house outright with cash... not one person. Why should I feel like a jerk??

Thanks for all the positive input, guys!
__________________
Dave
Just be nice to each other, dammit.
Wayfarer is offline   Reply With Quote
Old 12-05-2014, 01:18 PM   #30
Guru
 
alormaria's Avatar
 
City: Trenton
Country: USA
Join Date: Apr 2012
Posts: 902
Quote:
Originally Posted by Wayfarer View Post
This is very encouraging, thank you. That's better than the rate I got on my mortgage. I guess It would be financially irresponsible for me not to finance a boat... right??











I honestly don't even feel like I'm lying to them. I'm going to be using my mom's address. I've got a room there that doesn't move. All of my stuff will be in the basement. I'll be paying them for storing it. My mail will be delivered there. Why wouldn't I use that as my address?? As it stands I'm living on a cargo ship for seven months out of the year anyway, so even living aboard 'full time,' will only amount to 5 months out of the year, maximum. People with big dirt houses that spend that much time on their boats wouldn't be considered full time live aboards by the bank or insurance company, would they??











I'll have to look into that.







This makes a lot of good sense to me.







Thanks Teg, this is the kind of stuff that's really helpful to hear. Sounds like the approval process is basically the same as buying a house.



Speaking of buying houses... I don't understand why it's not only acceptable, but encouraged that I should buy an 80 year old house, finance eighty percent of it's price, and pay it off at 5.7% for thirty years... but somehow buying a 40 year old boat, financing sixty percent at a rate of 4.5%, and paying it off in 20 years makes me a bum. I don't know anybody that can afford to buy a house outright with cash... not one person. Why should I feel like a jerk??



Thanks for all the positive input, guys!

Houses don't move far and rarely sink?
__________________
Al Johnson
34' Marine Trader
"Angelina"
alormaria is offline   Reply With Quote
Old 12-05-2014, 01:40 PM   #31
Guru
 
Wayfarer's Avatar
 
City: Oneida Lake, NY
Country: USA
Vessel Name: Radio Flyer
Vessel Model: Wilderness Systems Aspire 105
Join Date: Aug 2014
Posts: 784
Quote:
Originally Posted by alormaria View Post
Houses don't move far and rarely sink?
Rarely, yes.




__________________
Dave
Just be nice to each other, dammit.
Wayfarer is offline   Reply With Quote
Old 12-05-2014, 01:46 PM   #32
Senior Member
 
tegdesign's Avatar
 
City: Seattle
Country: USA
Vessel Name: Nordvind
Vessel Model: Nova Heritage 36
Join Date: Oct 2014
Posts: 125
Wayfarer - You shouldn't feel like a Jerk at all. However, it's a fact that a house nearly always appreciates in value and a boat nearly always depreciates in value. But one thing that living on a boat might offer, if you don't spend too much money, is allow you to keep your monthly expenditures way down compared with a 300k-400k home mortgage. That extra cash flow could help you pay off debt or quickly accumulate significant investment capital. I am considering renting out my home which would cover the mortgage and moving onto the boat for a limited time. 6 months to a 1 year. With that end goal in site, it is impressive the amount of cash one could set aside.
__________________
Nordvind | 1987 36' Nova | Volvo TMD41A
tegdesign is offline   Reply With Quote
Old 12-05-2014, 02:29 PM   #33
Senior Member
 
tegdesign's Avatar
 
City: Seattle
Country: USA
Vessel Name: Nordvind
Vessel Model: Nova Heritage 36
Join Date: Oct 2014
Posts: 125
Quote:
Originally Posted by pilothouse king View Post
You do realize this is a public site and professionals in the marine business whether Insurance agencies, Marine Lenders, surveyors, and even law enforcement people do come here and look, around? Many are boaters too, especially those Washington DC oriented with initials for agencies. It wasn't for over 10 years(after, retirements) before some of my best clients told me who they worked for, and what they were doing all those years they were living aboard all those different type yachts in all those different marinas. Their friends still dont know. Just saying. Some great gigs some of these agents have!!
Maybe it's just a south Florida thing, but Miami Vice was more real than it's silliness would had led you to believe.
I'm afraid I don't quite understand your comment. Are you implying someone on the forum is a drug smuggler or some other kind of criminal and should be worried about what they say here? I thought this thread was about boat financing?
__________________
Nordvind | 1987 36' Nova | Volvo TMD41A
tegdesign is offline   Reply With Quote
Old 12-05-2014, 02:41 PM   #34
Guru
 
City: Satsuma FL
Country: United States
Vessel Name: No Mo Trawla
Vessel Model: Hurricane SS188
Join Date: Jul 2014
Posts: 1,676
Quote:
Originally Posted by tegdesign View Post
I'm afraid I don't quite understand your comment. Are you implying someone on the forum is a drug smuggler or some other kind of criminal and should be worried about what they say here? I thought this thread was about boat financing?
I think his point was that if the OP has spilled the beans that he intends to be a live aboard and then gives other information to the finance company, that they might have seen his posts here. There may be legal penalties for that type of thing. Another words, there is no expectation of privacy on what people post. I would not want to misrepresent myself in applying for financing.
Donsan is online now   Reply With Quote
Old 12-05-2014, 02:43 PM   #35
Guru
 
pilothouse king's Avatar


 
City: St. Lucie VILLAGE -NOT- Port St. Lucie!!!!!
Country: USA
Vessel Model: 15' Hobie Power Skiff w/90hp Yamaha-owned 28 years. Also a 2001 Bayliner 3788 that I took in trade
Join Date: Sep 2013
Posts: 533
Quote:
Originally Posted by Donsan View Post
I think his point was that if the OP has spilled the beans that he intends to be a live aboard and then gives other information to the finance company, that they might have seen his posts here. There may be legal penalties for that type of thing. Another words, there is no expectation of privacy on what people post. I would not want to misrepresent myself in applying for financing.
Exactly.
pilothouse king is offline   Reply With Quote
Old 12-05-2014, 02:58 PM   #36
Senior Member
 
tegdesign's Avatar
 
City: Seattle
Country: USA
Vessel Name: Nordvind
Vessel Model: Nova Heritage 36
Join Date: Oct 2014
Posts: 125
Granted, when I bought my first house I didn't intend to rent it out. But that was one of the questions the lender asked and I got a much better rate on my loan because I was going to live there full time. Should I have refinanced when I moved to a bigger house and chose to rent out the first one? I'm sure this happens with boats all the time and I find it very hard to believe that there are loan officers trolling the boat blogs to find infractions. And if they did? I've never heard of any legal action, have you?
__________________
Nordvind | 1987 36' Nova | Volvo TMD41A
tegdesign is offline   Reply With Quote
Old 12-05-2014, 03:24 PM   #37
Guru
 
pilothouse king's Avatar


 
City: St. Lucie VILLAGE -NOT- Port St. Lucie!!!!!
Country: USA
Vessel Model: 15' Hobie Power Skiff w/90hp Yamaha-owned 28 years. Also a 2001 Bayliner 3788 that I took in trade
Join Date: Sep 2013
Posts: 533
Quote:
Originally Posted by tegdesign View Post
Granted, when I bought my first house I didn't intend to rent it out. But that was one of the questions the lender asked and I got a much better rate on my loan because I was going to live there full time. Should I have refinanced when I moved to a bigger house and chose to rent out the first one? I'm sure this happens with boats all the time and I find it very hard to believe that there are loan officers trolling the boat blogs to find infractions. And if they did? I've never heard of any legal action, have you?
Yes!!! It's caled bank fraud and they take it very seriously. Seriously. The Mayor of N.Miami is in jail from coments she made on her radio show in Creole! I know guys that spent years in prison for what they said they intended to do. Not did it mind you, but intended to defraud the banks. Didn't matter he was drunk, had no real intention of doing it-"conspiracy" was enough. Impossible to prove your innocence too. Agent heard you-it was his or her word against yours. Who has the most lawyers? Go talk to any long time Ft. Lauderdale Yacht Broker and all could spin you stories until your eyes glaze over. What you really don't want to do is post it online, and somebody prints it. And they love frying "little fish" because it's easier (no lawyers on speed dial) and makes more an impression on the bigger fish. Big fish are saved for photo ops, like arresting the mayor as she got off a plane at MIA from Vegas. Didn't matter she was there for business, but boy it sure sounds nefarious "arrested for conspiracy to commit bank fraud coming off a plane from Vegas". Crime? Solicited for "straw" buyers-in Creole yet.
__________________
.
Blake Davis Yacht Brokerage Inc

Yacht Broker/Owner since 1984, Florida License #32
pilothouse king is offline   Reply With Quote
Old 12-05-2014, 03:25 PM   #38
Senior Member
 
tegdesign's Avatar
 
City: Seattle
Country: USA
Vessel Name: Nordvind
Vessel Model: Nova Heritage 36
Join Date: Oct 2014
Posts: 125
Quote:
Originally Posted by pilothouse king View Post
Yes!!!
Which question? Do tell! I like a good crime story!
__________________
Nordvind | 1987 36' Nova | Volvo TMD41A
tegdesign is offline   Reply With Quote
Old 12-05-2014, 03:35 PM   #39
Guru
 
City: Satsuma FL
Country: United States
Vessel Name: No Mo Trawla
Vessel Model: Hurricane SS188
Join Date: Jul 2014
Posts: 1,676
Quote:
Originally Posted by tegdesign View Post
Granted, when I bought my first house I didn't intend to rent it out. But that was one of the questions the lender asked and I got a much better rate on my loan because I was going to live there full time. Should I have refinanced when I moved to a bigger house and chose to rent out the first one? I'm sure this happens with boats all the time and I find it very hard to believe that there are loan officers trolling the boat blogs to find infractions. And if they did? I've never heard of any legal action, have you?
Your case is an after the fact conversion. Many people find themselves in that predicament and I do not believe the mortgages require refinancing. But our OP prospectively is suggesting deceiving his finance company. This is the same scenario that got us into a lot of the housing problems of 2008. Buyers were misstating their incomes and net worth to purchase what they thought was a continually appreciating asset. There was no verification of truthfulness. We all know the rest of the story.

Cases like you mention probably happen with boats all the time. People make decisions that they like their boat and decide to sell the home later. If recalled correctly, the OP wanted to sell the farm to buy the boat and give his mothers address as his home. That is a different set of facts.

I don't know what legal actions might be taken but most financial contracts have a signature block that the borrower asserts his representations to be true and it is fraudulent to sign otherwise.

Honesty is the best policy don't you think?
Donsan is online now   Reply With Quote
Old 12-05-2014, 03:44 PM   #40
Senior Member
 
tegdesign's Avatar
 
City: Seattle
Country: USA
Vessel Name: Nordvind
Vessel Model: Nova Heritage 36
Join Date: Oct 2014
Posts: 125
Quote:
Originally Posted by Donsan View Post

Honesty is the best policy don't you think?
I do think honesty is the best policy. But I'm not going to get on my moral high horse and judge people here. Especially on something I would consider a minor issue like this. I'm not perfect. Sometimes I break the speed limit on purpose. I might even consider becoming a "sneak-aboard" at some point. Some rules are worth breaking.
__________________

__________________
Nordvind | 1987 36' Nova | Volvo TMD41A
tegdesign is offline   Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off





All times are GMT -5. The time now is 07:12 PM.


Powered by vBulletin® Version 3.8.8 Beta 4
Copyright ©2000 - 2017, vBulletin Solutions, Inc.
Search Engine Optimization by vBSEO 3.6.0
Copyright 2006 - 2012