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58 SEAMAGAZINE.COM MAY 2017
see the wisdom of leaving money in bank
deposits that pay them, in many cases,
less than 0.5 percent. I really can’t blame
them in that regard. From the borrower’s
perspective, as long as they can meet the
lender’s criteria, it’s all good with no real
downside at all.What are a couple of things people
underestimate about the financing
process?
One thing we run into are down-pay-
ment requirements. It’s amazing the
number of deals we get where the buyer
says, “You mean I can’t do it with nothing
down?” That philosophy is still out there
in some cases, but more and more people
understand that equity is a necessary
part of a loan. Verifiable liquidity is
another part of the equation that wasn’t
a part of lending so much prior to 2008.Liquidity is the part where you look at the
potential customer’s financial statement
and are looking for liquid assets: cash,
CDs, stocks, bonds that are accessible.
Real estate is certainly an asset but not
considered liquid because of the time it
can take to sell it. Some people forget
that. The necessity to have a personal
financial statement that is current is
something people forget about. In addi-
tion, borrowers need to have real income
verification in the form tax returns.What are a couple of avoidable speed
bumps in the process?
Assemble your income information and
your tax returns. Alert your accountant
or CPA to the lender who will be inquir-
ing. Have copies of current statements
of your liquid assets. Have a current
personal financial statement. All these,along with a fully executed Purchase
Agreement, will make the process go
much smoother.What is pre-approval, and how can
buyers go about getting it?
To some extent it’s a little bit of a
misnomer. There are pre-approvals to a
point, but what is always problematic is
the lack of an identifiable boat that is being
purchased. As we have already discussed,
a valuation of the boat being purchased is
a major part of the decision process. It’s
kind of something you need. If you’ve been
shopping, you probably know what that 42
flushdeck is going to cost, and you proba-
bly in your mind have said, “I will afford
this much.” Most people do the math and
figure out what the payment range is going
to be. So on our side we can give you some
information that will give you a license toGETTIN’ BETTER