7 Answers to 7 Common Questions about the Boat Lending Market. To view, click HERE
WEBINAR: “Finding New Funding Sources & Building Lender Relationships” is a 15-minute tutorial of basics to uncover local prospective lenders and tips to encourage them to extend credit services to consumers and businesses in the marine industry. To view the program, click here.
The ABOS Marine Blue Book has been publishing vessel valuation and identification in formation for 60 years. The latest products contain more than 1,000,000 price adjustments to reflect the latest market conditions. ABOS.COM is a new web-based interactive valuation product.
American Modern Insurance is a national specialty insurance company offering a full array of insurance products – from PWCs to yachts, through multiple distribution channels. Dedicated specialists handle all marine policies and claims.
AMERICAN POWERSPORT RECOVERY
1300 S. Watson Road #A114-54
Buckeye, AZ 85326
Contact: Anette Garrity
Phone: (877) 404-9993 x1; Fax: (619) 328-0239
Powersport Recovery is our only business and we proudly boast a 90% positive resolution rate. We are a nationwide powersport recovery company with one goal – obtain positive resolution for our lenders. The one word to sum up APR: Integrity.
AMERICAN VESSEL DOCUMENTATION ASSOCIATION
833 Dover Drive, Suite 15
Newport Beach, CA 92663
Contact: Kathi Krencik
Phone: (888) 832-2832; Fax: (949) 646-6595
AVDA was incorporated on February 10, 1995 as a California Nonprofit Mutual Benefit Corporation in response to the centralization of the United States Coast Guard offices to West Virginia and the need for formalization of the professional status of more than 50 documentation services in the United States.
Annapolis Yacht Documentation is located at City Dock in Annapolis, MD. We specialize in recording and securing liens for financial institutions through Coast Guard Documentation, State Title, and Foreign Registry. Carrie Schmidt, Manager, has over a decade of experience in the marine industry and has worked with the Coast Guard closely for years. Annapolis Yacht Documentation is a member of the American Vessel Documentation Association. We stand ready to assist you with your next transaction.
BSC America is a national leader in comprehensive asset management and sales. BSC PowerSports Auctions combines live lane auction action with internet bidding capabilities – giving buyers and sellers a spirited auction experience. BSC PowerSports Sales are conveniently held at our Flagship Auction-Bel Air Auto Auction in Bel Air, Maryland, and at Tallahassee Auto Auction in Tallahassee, Florida.
CATERPILLAR FINANCIAL SERVICES CORPORATION
2120 West End Avenue, 10th Floor
Nashville, TN 37203
Contact: Jayme Yates
Phone: (615) 341-8017; Fax: (615) 341-3826
Cat Financial has been offering marine vessel financing for more than 23 years. Financial products include construction and term financing for shipyards and end-users. Caterpillar offers the world’s broadest power range of marine diesel products for Mega Yachts, Performance Yachts, Cruising Yachts, Sport Fishing, and other pleasure craft vessels. And Cat Financial supports the full line, offering financing for Cat-powered vessels.
CGI Finance, Inc. is the North American Subsidiary of the CGI Group, a financial establishment founded in 1951, and is a wholly-owned subsidiary of Societe Generale. This relationship is significant because Societe Generale is one of the largest banks in the world with 160,000 employees in 82 countries. CGI Finance is uniquely positioned to offer boat financing to a diverse national and international customer base that no other lender currently provides. Our unprecedented experience, pursuit for excellence, dedication to service, and extremely competitive rates make us a strong force in the marine finance market.
The company’s roots go back to 1871 when Citizens Commercial & Savings Bank was established at the height of Flint’s great lumber industry. Citizens Bank played a key role in the development of the auto industry in this country. One of the founders of General Motors, W.C. Durant, has acknowledged that a loan he and his partner, J. Dallas Dort, received from Citizens Bank in 1886 enabled him to start his vehicle manufacturing career.
Citizens Republic Bancorp is a diversified financial services company providing a wide range of commercial, consumer, mortgage banking, trust and financial planning services to a broad client base. Citizens services communities in Michigan, Ohio, and Wisconsin with over 200 offices and nearly 250 ATMs. Citizens Republic Bancorp is the largest bank holding company headquartered in Michigan and the 57th largest bank holding company headquartered in the United States.
At Citizens Bank you’re never just a series of numbers. Our client service satisfaction scores are among the industry’s highest for both personal and business accounts. Citizens Bankers build relationships with clients and understand their needs at a level you might expect only at a smaller bank.
COMMUNITY & SOUTHERN BANK
219 Perimeter Center Parkway N.E., Suite 500
Atlanta, GA 30346
Contact: John Redmond
Phone: 673-293-1201; Fax: 770-394-0763
Our mission is to create value to customers by developing long-term relationships, built with competitive products that meet your financial needs and are delivered with superior service.
COX, WOOTTON, GRIFFIN, HANSEN & POULOS, LLP
190 The Embarcadero
San Francisco, CA 94105
Contact: Rupert Hansen
Phone: (415) 438-4600; Fax (415) 438-4601
Cox, Wootton, Griffin, Hansen & Poulos, LLP is the largest all-maritime law firm in California. Our firm is listed by U.S. News & Reports’ Best Lawyers Publication as a ‘Top Tier’ Firm for Maritime Law. Our services cover the full spectrum of marine finance, including review and perfection of security interests, U.S. Vessel documentation and offshore registration, loan workouts, vessel foreclosures, Carl Moyer Program funding, and lender/broker regulatory compliance. We provide our litigation and transactional services to lender and creditor clients with interests in California, Hawaii, and throughout the Pacific Rim.
Davis & Company, Ltd. is the largest marine survey company in North America, with over 50 marine surveyors in the US, Canada, and Mexico. Founded in 1977, the company provides marine surveying services on recreational and commercial vessels for insurers and lenders, and also handles construction loan management.
DeBoer, Baumann &Company, PLC is a West Michigan CAP firm dedicated to helping businesses and individuals succeed financially through quality tax and accounting services. With DeBoer, Baumann & Company, PLC on your side, you’ll have more time to run your business while leaving your accounting, bookkeeping, and tax concerns to us.
As a full-service CPA firm, we provide accounting, tax, financial management and business advisory services for small businesses throughout west Michigan. We will assist you with every aspect of your accounting needs, whether it is financial statement preparation, budgeting, or bookkeeping to more specialized areas such as business formation or QuickBooks consulting. Beyond the standard preparation services, we will work with you in an ongoing effort to minimize your future tax burden.
ESSEX CREDIT CORPORATION
12677 Alcosta Boulevard, Suite 200
San Ramon, CA 94583
Contact: James Barron
Phone: 925-843-3100; Fax: 866-377-3939
Essex Credit Corporation is celebrating over 30 years as one of the nation’s leading financial service firms focused exclusively on origination of direct loans for the pleasure boating recreational vehicle markets. The company was founded in Essex, CT in 1981 and is now headquartered in San Ramon, CA.
Essex originates marine loans in all 50 states and Puerto Rico and RV loans in all 50 states, with sales representatives positioned around the country to better serve our customers. Essex offers new, used, and refinance loans for pleasure boats and recreational vehicles from $10,000 to $10 million. Essex Credit is dedicated to being the best source for direct marine and RV finance products in the nation.
GLOBAL MARINE INSURANCE AGENCY, INC.
12935 S. West Bay Shore Drive, Suite 205
Traverse City, MI 49684
Contact: Mike Smith
Phone: (231) 932-4021; Fax (231) 947-7301
Global Marine is one of the country’s largest boat/yacht insurance specialists and a 24-year supporter of NMBA. Global represents all the major marine insurance companies and provides custom insurance referral incentive programs for marine lenders throughout the US and is licensed in 49 states. For more information, contact Mike Smith.
GLOBAL RECOVERY & REMARKETING, LLC
d/b/a Global Group International
1401 NE 10th Street, Suite 130
Pompano Beach, FL 33060
Contact: Joe Dinardo
Phone: 954-679-0123; Fax: 305-647-0765
Recovery and remarketing of special assets including, but not limited to: all makes/models of aircraft; all makes/models of vessels 35’ and over and other special assets. GGI is a global operation which specializes in international and domestic extractions, along with collateral which is difficult to locate. GGI also purchases charge-offs on marine and aircraft portfolios. Corporate offices are located in Fort Lauderdale with other domestic and branch offices. Joe Dinardo, sole owner and operator, has over 37 years’ servicing lenders and other clients worldwide. GGI has the largest database of international contacts in this industry. GGI also owns its own hangars and docks.
Hailing Port Service, Inc. continues to serve the marine industry as a leader in Coast Guard documentation and preferred ship mortgage work and State Registration and Titling filings.
JUSTBOATLOANS BY VERTISOL INC.
222 Severn Ave. Suite 3D
Annapolis, MD 21403
Contact: Larry Reagan
Phone: (410) 263-6032; Fax: (410) 263-6058
JustBoatLoans by Vertisol, Inc. is a marine financial services company that originates consumer marine finance transactions for its funding partners. With management providing over 50 years in combined marine lending experience, JustBoatLoans delivers a high level of expertise in marine financing, insurance, and registration services to both its customer base and funding partners.
KOTZ, SANGSTER, WYSOCKI AND BERG, PC
300 Park Street, Suite 265
Birmingham, MI 48009
Contact: James Y. Stewart
Phone: 313-259-8751; Fax: 248-646-1054
Kotz, Sangster, Wysocki and Berg, PC is a business law firm concentrating on the representation of middle market companies. Our clients are numerous and diverse, including a variety of marine businesses, automotive, aerospace, defense manufacturers, construction contractors and subcontractors, commercial leasing management companies, machining and equipment leasing companies, financial institutions, equity funds, and various industrial, commercial and professional service businesses. We are recognized as skilled in representing recreational boating clients and as aggressive litigators in all local courts.
LAB MARINE, INC./GRANDE YACHTS INTERNATIONAL
411 Winchester Creek Road
Grasonville, MD 21638
Contact: Bryan Braley
Phone: (800) 308-6798; Fax: (866) 308-6798
Website: http://www.labmarineinc.com and http://www.grandeyachts.com
LAB Marine is one of the nation’s premier marine recovery and remarketing firms in the country. Since 1999 we have been the choice of lenders, attorneys, and government agencies for seizing, transporting, and selling vessels of any size. From our offices in Maryland, Florida, Minnesota, and California, we have repossessed tens of thousands of vessels spanning ten countries worldwide. No boat is too small or vessel too large for our licensed and trained professionals.
With our sister company, Grande Yachts International, clients will experience a full-service dealership and brokerage house comprised of the most experienced and knowledgeable marine professionals in the industry. Here select yachts from both lenders and the general public will receive individual treatment from a professional salesman who takes pride in their listing and ability to attain top dollar for your vessel. None of Grande Yachts inventory is ever advertised as repossessed and instead simply sold alongside new and used brokerage vessels of similar quality. All Grande Yachts vessels will enjoy representation at eight national boat shows yearly and are part of a national and international marketing campaign which includes print magazine, monthly emails, and listings on all major marine websites. Outside participation is always welcome from buyer’s brokers and we are willing to take trades of any size to make deals for our clients. We welcome you to preview our website for further information.
M&T Bank, a $70 billion Eastern U.S. super regional bank holding company, offers a full range of financial services including indirect consumer and floor plan financing for marine dealers and select service companies. Our experienced team of sales, underwriting and closing professionals ensures that you receive fast and convenient service. M&T offers competitive rates, advances, terms, and flexible down payment requirements on both new and used vessel financing.
MARINE FINANCE CONSULTANTS
PO Box 11108
Spring Hill, FL 34610
Contact: Jim Meere
Jim Meere, Marine Finance Consultant, served as a director for the National Marine Bankers Association for over 18 years. Jim provides marine lenders with “back room” training in asset management, surveys, problem accounts, insurance claims, collections, repos, federal arrests, remarketing, deficiency collections, expert witness testimony, and support services.
Jim’s marine finance career started in 1964 and has included management of one of the largest retail boat dealership in the US, to marine positions with GE Credit, Marine Midland Bank (HSBC), John Deere Credit, First New England Financial, and most recently Daimler Chrysler Credit (debis financial), where he was Marine Asset Manager until his retirement in 2005. His marine product knowledge spans the entire sector of recreational runabouts to mega-yachts and commercial vessels.
MARINE LENDERS SERVICES, LLC
5350 30th Avenue NW
Seattle, WA 96107
Contact: Buck W. Fowler, Jr.
Phone: 206-284-9930; Fax: 206-283-5611
Marine Lender Services offers a broad spectrum of services to marine lending institutions and attorneys. Since 1979, we have handled over 2900 vessels with values ranging from $1,000 to $10,000. Our expertise in locating, recovering, moving, repairing, storing, and remarketing offers lenders a comprehensive solution for their marine collateral issues. The home office facility in Seattle, WA has over 1,000 linear feet of in-water moorage, 146 dry-stack storage slots, as well as 12,000 square feet of full-equipped shop/repair space. Staff includes licensed captains, factory-trained mechanics, fiberglass technicians, and master ABYC certified yacht technicians.
THE MARY CONLIN COMPANY
833 Dover Drive, #15
Newport Beach, CA 92663
Contact: Mary Bacon
Phone: (949) 646-5917; Fax: (949) 646-6025
The Mary Conlin Company, Inc. has been serving the marine community’s vessel documentation needs since 1981. Their staff provides professional and prompt service with respect to vessel title searches, vessel documentation, state registrations and titling, foreign registrations, and preparation and filing of preferred ship mortgages, issuance of Mexican fishing licenses, and issuance of Mexican liability insurance. They are proud to offer support to the NMBA.
MARWEDEL, MINICHELLO & REEB, PC
10 South Riverside Plaza, Suite 720
Chicago IL 60606
Contact: Shari Friedman
Phone: 312-445-5316; Fax: 312-902-9900
Marwedel, Minichello & Reeb, P.C. concentrates its practice on admiralty and maritime, transportation, and related areas of law. The firm assists marine lenders and dealers with financing of all types and sizes of vessels, and represents them in mortgage foreclosure and lien actions. Serving the Great Lakes and Western Rivers, MM&R represents clients in state and federal courts and before numerous governmental entities. As a smaller, experienced firm, MM&R is able to provide efficient and cost-effective legal services geared to the specific needs of its clients.
MCINTOSH SCHWARTZ, P.L.
888 SE 3rd Avenue, Suite 500
Ft. Lauderdale, FL 33316
Contact: Robert D. McIntosh
Phone: (954) 660-9888; Fax: (954) 760-9531
The attorneys at McIntosh Schwartz have in excess of 50 years of Admiralty and Maritime experience. Our clients include yacht owners, yachts manufacturers, and banks, both domestic and foreign that are involved in maritime lending. McIntosh Schwartz represents its maritime clients throughout the State of Florida with lawyers in Fort Lauderdale on the east coast and Bradenton, Florida, on the Gulf Coast.
Medallion Bank provides retail financing to bank-approved marine dealers across the country. We specialize in lending to customers with past credit problems, including bankruptcy. As the nation's leading non-prime recreation lender, we offer competitive rates and pay up to 3% participation on every funded loan. We are a non-recourse lender with no pre-payment penalty for early payoffs. We finance loans ranging from $5,000 to $50,000 on collateral 10 years old and newer.
Fort Lauderdale & Fort Myers, FL * Newport Beach & Capistrano Beach, CA * Cleveland, OH
Contact: Matthew J. Amata
Phone: (800) 633-7172, Fax: (888) 611-4626
National Liquidators (National) is the nation’s leading marine recovery and remarketing firm, having seized, transported, and auctioned more than 30,000 vessels since 1988. Our clients include banks and other lenders, as well as federal and state law enforcement agencies. We are a GSA vendor and manage government contracts for the Departments of Justice and Homeland Security. National handles cases involving everything from jet skis and used boats to large yachts and ships. Inventories include bank repossessions, foreclosures, government-seized vessels, dealer consignments, and brokerage boats.
Northeast Marine Liquidation, Inc. has been servicing the banking industry for 20 years. Experience is the foundation of our success and longevity in the Marine repossession and remarketing industry. We are a full service company that locates, transports, stores, maintains and sells your inventory. We are proud to be a sponsor of the NMBA annual conference.
Roe Taroff Taitz & Portman, LLP provides a wide variety of legal services to Long Island businesses and individuals. The firm’s primary areas of concentration include litigation, admiralty claims, creditor’s rights, trusts and estates, estate planning, business and real estate matters.
SCOTT FINANCIAL SERVICES
1407 Fleet Street, 2nd floor
Baltimore, MD 21231
Contact: Eric Sloan
Phone: 443-627-2168; Fax: 443-955-7510
Scott Financial Services, a subsidiary of Society Generale, is a premier marine and RV finance brokerage company. Scot Financial has been facilitating access to marine financing for over 25 years. Our marine finance specialists, strategically located throughout the United States, are professionals that have strong relationships with local and global financial resources. Scott Financial offers a wide range of fixed and variable marine and RV lending programs in all 50 states and Puerto Rico. Societe Generale is a leading worldwide bank with 160,000 employees in 82 countries.
SEAWORTHY INSURANCE COMPANY
147 Old Solomons Island Road
Annapolis, MD 21401
Contact: Suzanne Redden
Phone: (877) 580-2628; Fax: (410) 224-3807
Seaworthy Insurance Company was established in 1989 in Annapolis, Maryland by Boat America Corporation, the parent company of BoatU.S. – Boat Owner’s Association of The United States – a renowned nationwide association for recreational boaters. Seaworthy underwrites coverage for Pleasure Boats, Yachts and Charter Boats with independent agents across the country. In 2007, Boat America Corporation and Seaworthy Insurance Company were acquired by Berkshire Hathaway Corporation, providing more capital, strength and security for its policyholders.
SOCIETY OF ACCREDITED MARINE SURVEYORS
4605 Argyle Forest Blvd., Suite 203
Jacksonville, FL 32244
Contact: Rhea Shea
Phone: (904) 384-1494; Fax: (904) 388-3958
• Provides an organization that complements the marine industry
• Cooperates and encourages communications among and between members and other marine organizations
• Assists other marine organizations in technical matters
• Provides information and training for persons interested in the profession of Marine Surveying
• Suggests standards for technical procedures for all members
• Educates the public
STERLING ACCEPTANCE CORPORATION
1 Melvin Ave.
Annapolis, MD 21401
Contact: Karen Trostle
Phone: (410) 268-1545; Fax: (410) 268-3755
Sterling Acceptance is your best source for marine and RV loans anywhere in the continental United States. We pride ourselves in offering the best service at the lowest rates with loans from $15,000 to $10,000,000. Sterling Acceptance, headquartered in Annapolis, MD, has been in business since 1987 and has three loan production offices nationwide. Sterling Acceptance also offers Coast Guard documentation services and offers the best insurance rates for your needs. We are boaters ourselves and enjoy and understand the boating lifestyle!
SunTrust Bank is a $174 billion financial services institution with offices throughout the Southeast and Mid-Atlantic. SunTrust Marine & RV Finance has provided retail direct and indirect financing for recreational boats nationwide since 1980 and has been a proud NMBA member since 1981. Our experienced staff works closely with marine finance industry partners to help deliver superior and efficient service to your clients.
TRIDENT FUNDING CORPORATION
1535 S.E. 17th St., Suite B-207
Ft. Lauderdale, FL 33316
Contact: Jim Foley
Phone: (888) 900-3863; Fax: (954) 525-6355
Trident Funding has been a nationwide leader in originating boat loans for over 13 years. With offices around the US, Trident is the largest independently owned marine lender in the nation. We specialize in providing consumer boat loans from $50,000 to $50,000,000. Our experience and product knowledge are unparalleled. For further information how Trident Funding can assist you, please contact Jim Foley, President, at 1-888-900-3863.
Minneapolis-based U.S. Bancorp (NYSE: USB), with $291 billion in assets, is the parent company of U.S. Bank National Association, the 5th-largest commercial bank in the United States. The company operates 3, 013 banking offices, 5,323 ATMs in 24 states, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust, and payment services products to consumers, businesses, and institutions.
YachtCloser is a total contract management solution for yacht brokers, providing automated contracts, electronic signatures, and simple closings. If you’ve ever wanted to create, send, or sign contracts while standing on the dock, then YachtCloser has a solution for you. Enjoy the freedom of being able to do business from anywhere with internet access, and have more visibility and control over your network like never before. YachtCloser provides a fast and secure way to communicate and send brokerage contracts, as well as refer finance, insurance, and documentation services with the click of a button. The application offers features designed specifically for brokers, administrative assistants, office managers, and owners. YachtCloser comes pre-loaded with several different forms and contracts for your convenience and will accommodate custom brokerage, financial, or insurance forms for simple communication with today’s buyers and sellers.