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.