Marine financing specialist LH-Finance said it formed a strategic alliance with SailTime.
LH-Finance said the partnership allows customers to finance their purchases of yachts from SailTime dealers using customer loans issued by LH-Finance.
“The vision to create this strategic alliance is a much anticipated partnership for both LH-Finance and SailTime,” LH-Finance CEO Herve Bonnet said in a statement. “This will categorically advance LH-Finance to a leader in the highly coveted market sector of marine retail lending.”
LH-Finance said the boat-sharing concept is gaining in popularity: SailTime is the professional partner that takes care of the yacht, the member gets the experience of boating without the full cost of ownership and the owner earns back some of his investment.
SailTime is a franchise in the business of boat sharing via seasonal memberships, which are sold by independent dealers in the United States.
Beyond recent recognitions by Entrepreneur Magazine as one of the “10 Hottest Franchise Categories” and its Franchise 500, SailTime has enjoyed growth of 161 percent since 2012, expanding to 29 bases in the United States and five in Australia, LH-Finance said.
Through its partnership with the American Sailing Association, SailTime built the largest network of sailing education schools in America, LH-Finance said. It also recently announced a partnership with Groupe Beneteau.
This positions Groupe Beneteau, a manufacturing partner in LH-Finance’s VIP pre-qualification program, to offer its boats for both the membership program and the boat ownership program at all SailTime locations, with financing provided by LH-Finance.
“The partnership with LH-Finance is a critical component to SailTime’s yacht ownership program, providing our clients with a turnkey financing option that makes the boat purchase process simple and straightforward,” SailTime CEO Todd Hess said.