Notices

Financing for a custom build?

Old 10-25-2012, 04:06 PM
  #1  
Senior Member
Thread Starter
 
Join Date: Jun 2009
Location: Hampton, VA
Posts: 2,134
Default Financing for a custom build?

Any advice, direction, or experience would be welcome.

Not sure I understand how this works since it would be a ground-up creation, and I presume it isn't like a traditional boat loan...

The builder gave me some options, I just want to see what you boys say!

(Edited to add photos down the page due to popular demand. I hope they're not a disappointment!)

Last edited by theolog; 10-25-2012 at 05:15 PM.
theolog is offline  
Old 10-25-2012, 04:07 PM
  #2  
Admirals Club Admiral's Club Member
 
Join Date: Jun 2010
Location: Delaware
Posts: 5,048
Default

Pics first. Then advice
slickcav is offline  
Old 10-25-2012, 04:17 PM
  #3  
Senior MemberCaptains Club Member
 
Join Date: Nov 2002
Location: Pensacola, Fl
Posts: 11,231
Default

Generally you pay in stages as the boat is built. Letter of Credit to start with to guarantee that you have the funds available to complete the build.
thataway is offline  
Old 10-25-2012, 04:28 PM
  #4  
Senior Member
Thread Starter
 
Join Date: Jun 2009
Location: Hampton, VA
Posts: 2,134
Default

Originally Posted by slickcav View Post
Pics first. Then advice
Oh, I've got pics...

Just not my hull!
theolog is offline  
Old 10-25-2012, 04:48 PM
  #5  
Admirals Club Admiral's Club Member
 
Join Date: Jun 2010
Location: Delaware
Posts: 5,048
Default

Post them!
slickcav is offline  
Old 10-25-2012, 04:53 PM
  #6  
Admirals Club Admiral's Club Member
 
Join Date: Jan 2011
Location: Cudjoe Key, FL
Posts: 1,358
Default

Name:  worthless.gif
Views: 267
Size:  39.0 KB



.
Coral Head is offline  
Old 10-25-2012, 05:14 PM
  #7  
Senior Member
Thread Starter
 
Join Date: Jun 2009
Location: Hampton, VA
Posts: 2,134
Default

Not that big of a deal guys. Just a Carolina-style 23 or 24, but it will be a big deal to us. Hope the pics aren't a huge disappointment if you were imagining a big sportfisher or megayacht!

Name:  IMAG1585.jpg
Views: 344
Size:  128.3 KB

Name:  IMAG1586.jpg
Views: 345
Size:  150.2 KB



Name:  IMAG1588.jpg
Views: 304
Size:  131.9 KB

Name:  IMAG1589.jpg
Views: 302
Size:  130.5 KB

Name:  IMAG1590.jpg
Views: 320
Size:  145.0 KB

Name:  IMAG1591.jpg
Views: 325
Size:  153.3 KB

Name:  IMAG1592.jpg
Views: 344
Size:  161.3 KB

Name:  IMAG1593.jpg
Views: 318
Size:  138.5 KB

Name:  IMAG1594.jpg
Views: 330
Size:  215.8 KB

Name:  IMAG1595.jpg
Views: 617
Size:  218.8 KB

Name:  IMAG1596.jpg
Views: 317
Size:  208.5 KB

Name:  IMAG1597.jpg
Views: 318
Size:  174.6 KB

Name:  IMAG1598.jpg
Views: 326
Size:  187.7 KB

Name:  IMAG1599.jpg
Views: 326
Size:  168.7 KB

Name:  IMAG1600.jpg
Views: 320
Size:  175.4 KB



Name:  IMAG1602.jpg
Views: 318
Size:  171.6 KB

Name:  IMAG1603.jpg
Views: 317
Size:  112.8 KB

Name:  IMAG1604.jpg
Views: 314
Size:  120.5 KB

Name:  IMAG1606.jpg
Views: 334
Size:  138.2 KB

Name:  IMAG1607.jpg
Views: 321
Size:  157.0 KB



Name:  IMAG1609.jpg
Views: 313
Size:  185.1 KB

Name:  IMAG1610.jpg
Views: 311
Size:  82.8 KB



Name:  IMAG1613.jpg
Views: 478
Size:  208.7 KB
theolog is offline  
Old 10-25-2012, 05:20 PM
  #8  
Senior MemberCaptains Club Member
 
Join Date: Nov 2005
Location: cape coral, fl
Posts: 5,488
Default

beautiful boat there. Do a search for the build of a 24 Aeon here. I know he used financing similar to what you want to do.
bsh102 is offline  
Old 10-25-2012, 05:33 PM
  #9  
Senior Member
 
Join Date: Jun 2011
Location: Folly Beach, SC
Posts: 1,807
Default

Are you going to have more rod holders?
Trollin4Tuna is offline  
Old 10-25-2012, 05:43 PM
  #10  
Senior Member
Thread Starter
 
Join Date: Jun 2009
Location: Hampton, VA
Posts: 2,134
Default

Originally Posted by Trollin4Tuna View Post
Are you going to have more rod holders?
Haha that's the first thing my wife said! Four are standard. We are thinking of adding two to the gunnells plus 4-5 on the t-top and 4-5 on the leaning post.
theolog is offline  
Old 10-25-2012, 06:12 PM
  #11  
Senior MemberCaptains Club Member
 
Join Date: Nov 2002
Location: Florida
Posts: 2,886
Default

i assumed it was done like a new house, with draws established along the way as certain build points were reached. Money is not dispersed until they are met. The last and final payment is when the boat is delivered to your satisfaction. I'd make that amount is the most you can so that you have the most leverage if an issue arises.
WildLines is offline  
Old 10-25-2012, 06:16 PM
  #12  
Admirals Club Admiral's Club Member
 
Join Date: Jun 2009
Location: Athens, GA/ Pine Harbor, Ga
Posts: 3,704
Default

You're going to need more sour cream...
Seriously though, great looking boat
Dillard88 is offline  
Old 10-26-2012, 05:05 AM
  #13  
Senior Member
Thread Starter
 
Join Date: Jun 2009
Location: Hampton, VA
Posts: 2,134
Default

Originally Posted by Dillard88 View Post
You're going to need more sour cream...
Seriously though, great looking boat
LOL I was waiting for a sour cream comment!
theolog is offline  
Old 10-26-2012, 05:11 AM
  #14  
Senior Member
 
Join Date: Oct 2012
Location: Tampa Bay Area, FL
Posts: 1,298
Default

Nice looking boat there. Good luck on your build
FL Marine Plastics is offline  
Old 10-26-2012, 05:35 AM
  #15  
Senior Member
 
Join Date: Jul 2006
Location: South Jersey
Posts: 224
Default

That is a very pretty boat.
Who makes the shifter, & where is the trim/tilt? Is it those 2 toggles under the front of the pod?
dhmojo is offline  
Old 10-26-2012, 05:54 AM
  #16  
Senior Member
 
Join Date: Jan 2011
Posts: 134
Default

Yes, I've done new construction loans.... The last one I did went like this... ((I'm not giving exact numbers of my boat))
go tho the bank get a New construction loan (may need ins. of builder in case something burns up during)... Let's say 100k total
Structure with banker or Financier.( need a time line)

down pay. 20k
OOps. 5k 1/4 way need a Little more (make a provision for Oooop'ses)
half complete 20k
complete 30k
motor & Rig 20k
finial 5k Pay only after a complete. Sea Trial and your inspections and satisfaction.

Your payments are only on what you have used.... be sure to get time line of construction from builder and adhere to it.
Good luck
ITman is offline  
Old 10-26-2012, 06:01 AM
  #17  
Senior MemberCaptains Club Member
 
Join Date: May 2005
Location: South Florida
Posts: 9,140
Default

Great looking boat!!

Make sure you store it indoors though - otherwise that sour cream will start to smell!
Flot is offline  
Old 10-26-2012, 06:41 AM
  #18  
Senior Member
 
Join Date: Aug 2007
Location: Weeki Wachee (home of the mermaids), FL
Posts: 11,691
Default

That is a PRETTY boat!! Looks familiar...

BTW, I'm sure this has been addressed, but, if not...make sure the console where the t/top legs bolt to is plenty stout! Tops move quite a bit in any kind of decent seas, you don't want the console flexing in that area and generating gel cracks...
seabob4 is offline  
Old 10-27-2012, 01:52 PM
  #19  
Senior Member
Thread Starter
 
Join Date: Jun 2009
Location: Hampton, VA
Posts: 2,134
Default

Any marine lender recommendations, let me know!
theolog is offline  
Old 10-27-2012, 02:14 PM
  #20  
Senior MemberCaptains Club Member
 
Join Date: Nov 2005
Location: cape coral, fl
Posts: 5,488
Default

Seacoast Marine Finance- Steve

This is who oseadpc (Aeon 24 build) used and recommended to me when I was looking at having a custom build done.
bsh102 is offline  

Thread Tools
Search this Thread