A Wooden Nickel

[Bob Freeman]

Ahoy me mates! I've waited long to report fer duty. And I've waited because I wanted to be the real deal before signing up for a Wooden Boat tour. "Real" as in wooden boat owner. Actually I'm only 10% home because that's all that I own of a 1964 56' Mckenze Grey/Eldredge McInnis motor yacht in the form of a purchase agreement. It appears as though there is an inside chance that's all I'm going to own if I can't find some financing which brings me to the point of my initial post.

Why won't a bank or credit company back a wooden boat? Because they won't last? Duh!!! So far they certainly are beating plastic. I looked at quite a few Hatteras's which were terrible representations of that builder. And I like Hatteras. That's what I was going to get. A 50 or 53' Motor Yacht. For my budget though the only thing we could find were projects....big ones. Don't take me wrong, we're not against many a hard day of labor. In fact we love to work on boats. We just don't want a full blown project. Thus we turned to...? W O O D :cool: And we found our dream. And it's been restored by her current captain and what a skilled craftsman this gentleman is with a saw in his hand.

But the banks! Ya can't live with them or without. With one exception (Essex) it's been a flat refusal. Essex is at least willing to give it a chance to see if they can find a backer. I still seek advice from you the experts. If anyone knows of any possibilities we should would enjoy hearing from you.

I know full well the issues of up-keep of a wooden boat. A whole lot more than fiberglass actually. We've been out of boating for 25 years but we enjoyed 15 good years afloat on wooden boats before we trapped ourselves in the rat race. I think we lost! ;) We felt we ran a tight ship then and we're ready to do it again if we can find somebody that'll put up a darn wooden nickel. And if we get two we can start a fire. :D

Thanks for your help.

Bob

[Wiley Baggins]

I assume that you've asked the broker (if a broker is involved) for recommendations. If not, contact some of the brokers that advertise in our host’s magazine. Another avenue might be to ask an agent at an insurance agency that specializes in wooden boats (I know that there is at least one such advertiser in our host's publication). I don’t have a copy in front of me, or I’d offer up a name (or two, or three, or…). Good luck.

[On Vacation]

My opinion, and I don't wish to sound cruel, but financing a wooden boat from the getgo is , weelllll, I must say a little foolish. But forget about the nonsense issue. You must first look for insurance. That will also require a survey for insurance for financing. The boat must be in good shape to pass a marine survey. Many times problems will be noted. So you must fix the stuff, to get the proper coverage. Dockage, yes that size check for the long term marina that allows wooden boats. Well I will stop for now, Don't want to scare you off, too quickly.

By the way, did you put in the contract subject to financing and survey and commitment letter?

[ 01-28-2004, 06:26 PM: Message edited by: Oyster ]

[George Roberts]

Bob ---

10% down looks mighty light on your part. Regardless of the value of the boat, the used boat market is very thin. And the bank has to sell the boat if you default.

Perhaps you went about it in the wrong order - survey, apprasial, insurance, loan.

I second the view that upkeep cost argue against a purchase loan.

[mmd]

Oyster and George, with whom I congenially (at least on my part) butt heads on not a few topics - but not often about boats, are spot on with their advice this topic. Get all your ducks in a row - and on paper - then go shopping for financing.

Bankers have a lo-o-o-ng memory, and they got burned a lot in the '70's and '80's. They need a LOT of reassurance to loosen the purse strings these days.

[Ian Wright]

Are there no Marine Mortgages in the US? Common enough over here. Wood or not.

IanW