How are marine lenders setting collateral values on new and used boats as the market recovers?

This has always been, in strong and weak markets, a process involving art and science. Lenders typically start by checking data maintained by price guide publishers then turn to additional sources on the Internet such as Yacht World and Soldboats.com. On more sophisticated vessels, lenders are using the expertise of surveyors – for both condition and value – and maintaining “sounding board” contact for pricing input by dealers, brokers and manufacturers.

The NMBA’s Annual Marine Lending Workshop includes a session on this topic where it is discussed in detail (visit www.marinebankers.org for more information) . Q: Has lien perfection for boat contracts changed significantly in recent years? A: No.

In most major boating states, a boat title secures the loan on small boats. On larger vessels (usually 27-feet or greater where boats meet the “5 Net Ton” requirement), a federal ship’s mortgage can be used to secure the loan. Documentation specialists can help in either case.

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