Northpoint signs financing deal with Plantation Boat Mart

Northpoint Commercial Finance said it developed a relationship with Plantation Boat Mart in Florida.
Author:
Updated:
Original:

Northpoint Commercial Finance said it developed a relationship with Plantation Boat Mart in Florida, providing exclusive financing for HydraSports Custom boats.

Northpoint said Plantation is one of the marine industry’s top 100 Dealers in North America, has been the No. 1 HydraSports Custom dealer in the world for 17 years and is the factory-direct test center for HydraSports Custom boats.

Northpoint said the financing facility has a built-in accordion feature for future growth and will give Plantation the liquidity and availability it needs to move ahead with production and open new markets, possibly worldwide. Northpoint said previous financing limited Plantation’s cash flow and capped growth potential.

“We chose Northpoint because of their innovative deal structure, their flexibility and their speed to decision,” Plantation Boat Mart owner and president Elias P. Delatorre III said in a statement. “With financing that best fits our needs, we’re looking forward to an exciting new growth chapter for the HydraSports brand.”

HydraSports is a line of high-end 30-foot-and-larger powerboats with the ability to custom-design start to finish. Northpoint said the company’s unique model and approach did not lend itself to traditional bank or asset-based lending.

“Plantation needed a lender who could develop an innovative loan structure, offer more liquidity and collateral availability, and be flexible on terms to facilitate growth,” Northpoint’s Russell Baqir said. “We’re pleased to be able to respond to their needs and to help them grow the brand.”

As a privately held commercial lender, Northpoint said it could offer Plantation a nimbler response and flexible programs not typically found in today’s highly regulated banking environment.

Absent a multi-layer approval system, Northpoint said it is able to expedite credit decisions and transactions and enhance the customer experience.

Related

Patrick Acquires SeaDek Parent

The Indiana-based company continues its strategy of growth through acquisitions.

BoatUS, USPS Resume Safety Checks

The groups are offering the service during safety events, or boaters can conduct the inspection using an online guide.

Stepping Up the Pace of Relief

A positive jobs report, 3 million vaccinations per day and consumer confidence point toward economic recovery.

Freedom Boat Club Buys N.Y. Franchise

The latest acquisition is Brunswick’s sixth corporate-owned Freedom operation in the United States.

In-Person NMEA Conference Announced

The electronics conference, in conjunction with the Radio Technical Commission for Maritime Services, is scheduled for Sept. 20-24 in Orlando, Fla.

Vesper Appoints U.S.-based Manager

Damien Frye will drive sales of the New Zealand-based company’s Cortex product line.

Groupe Beneteau Sells CNB

As part of the conglomerate’s realignment, the Groupe has inked an agreement with Italian yard Solaris to purchase the bluewater sailing brand.