Next message: Stefan Mochnacki: "Re: lv-ab: Boat financing in Canada?"
Hello all, new to the list. Similar situation, different solution. I
recently (in the fall) did a similar purchase, I got the American broker
to back off, instead of acting as a broker, provided consulting
services, then was paid a finder's fee. The American owner and I then
proceeded with the deal with the American broker's assistance (now it
was a private sale). I was able to access a line of credit on which I
bought the boat. The next step was registering the boat as a Canadian
vessel, which required being removed from the American boat registry.
Once registered as a Canadian vessel, the bank was able to apply a long
term loan (chattel loan, although from my understanding you can also
mortgage a registered vessel), to the boat, free up the line of credit,
and voila, I had long-term financing on what was originally an American
boat listed by a broker.
(My understanding is that the Canadian banks need it to be Canadian
registered, probably difficult to seize a foreign vessel in case of
non-payment.)
Shannon
Indefessa
Etobicoke
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