A recent survey by the National Marine Bankers Association shows all respondents to a second-quarter survey indicated that lending criteria (credit history, asset/net worth, debt ratio, income, collateral and other lender requirements) are the same or even less stringent than in the prior quarter.
Eighty-five percent of respondents indicated that the dollar volume of loans booked in the second quarter of 2011 was up from the same period last year. Asked about their outlook for the third quarter, 85 percent indicated that they expect business to be the same or increase from the same period in 2010.
Eighty-three percent of respondents believe financing is more readily available this year than last year as lenders reported losing transactions because of the borrower’s ability to get more favorable financing and terms elsewhere.
Association members include financial institutions such as commercial banks, private financing firms, savings and loan companies and credit unions.