The boat buying process should be exciting, and we’re here to make sure the process doesn’t disrupt those emotions. Whether you are buying a small bow rider or a large motor yacht, our experienced team of professionals is here to guide you through the process.
Applications can be completed and submitted online or completed offline and submitted via email or fax. Loans requests less than $150k typically require no, or limited documentation and are decisioned within 2-24 business hours.
Larger loan requests typically require a completed personal financial statement, 2 years of income verification, and bank or investment account statements, and are usually decisioned in 1-2 business days. The more complex and/or incomplete credit applications may take longer to process.
Once your application has been decisioned, a Fairwind’s representative will contact you with the exact terms and conditions. That interaction will be followed up with the delivery of a formal approval notice. Below is list of the items that could be required during the due diligence and fact gathering process.
- Copy of each borrower’s driver’s license
- Copy of the signed purchase agreement (PDF)
- Copy of the seller’s ownership paperwork (state title or registration, or USCG document)
- Contact info for the seller, seller’s broker, or selling dealer
- Loan payoff information for seller’s loan or a trade boat (if applicable)
- LLC or Trust paperwork (if the buyer or seller is not an individual)
- Copy of the marine survey report or collateral inspection, (if applicable)
Once all or the majority of the paperwork has been supplied, we will begin the title or lien search process and start to prepare for a closing. At this time, we will often coordinate with a documentation or title service on your behalf. Once all the details of the transaction are finalized, your loan documents will be prepared and provided to you. Once the loan documents are executed, notarized, and returned to us, they will be reviewed and prepped for funding. Assuming all documents are executed correctly, all stipulations of approval have been cleared, insurance is in place, and the sellers has completed his obligations, the loan is ready to fund.
Loan proceeds can be disbursed via wire transfer or company check. Digital or hard copies of all relevant documents will be provided to the borrowers following the completion of the transaction. Where applicable, original documents will be supplied to the title or documentation services to facilitate that process. Most borrowers can expect to receive communication from their lending bank regarding their first and future boat loan payments within 10 to 14 business days. If any questions or concerns arise, we encourage you to contact us directly and we will assist wherever possible.
