Groups join for boat-financing venturePosted on
Secured Marine Transactions, Sterling Associates and YachtWorld.com/Boats.com have formed a partnership aimed at improving the availability of financing for qualified boat owners.
SMT and Sterling are financial service firms offering loan underwriting, documentation and insurance packages for the marine market. In addition, SMT is a supplier of Web-based financial and management software for brokers.
Under the agreement, the companies will offer Internet-based financing and refinancing for new and used boats. Online loan applications generated through the BoatsBank portal on the YachtWorld.com and Boats.com Web sites will be processed by SMT and placed through Sterling’s nationwide network of marine lenders.
“The collective experience of our companies will give consumers access to boat loans from trustworthy lenders at the best possible rates and terms,” said James Nolan, CEO of SMT. “We will help buyers present their creditworthiness in the most professional way to complete the transaction successfully while ensuring the highest levels of confidentiality throughout the process.”
YachtWorld.com and Boats.com are owned by Dominion Enterprises, of Norfolk, Va., the parent company of Soundings Trade Only.