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ELGA Details Marine and Yacht Financing Program

July 05, 2018, 06:55 AM
Filed Under: Marine

Brian Trebels, CEO of Equipment Leasing Group of America, LLC (ELGA), announced details of the company's latest financing plan for yacht and marine vessel owners.

"The global recreational boat market is expected to be worth approximately $23 (billion) 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," he said.

"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."

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, he said.

All loans, Trebels noted, will require a personal guaranty.

ELGA funding options range from $250,000 up to $20 million, with terms from three to 20 years.

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