Banks used for DE Loans

[CEShawn]

Was looking to find out some of the banks that people used for their construction loans for the boat. I know I have seen a posting about some of this before but didnt get the actual bank name. I know some were a PITA but some were decent.

I found a couple of banks if I living in Maine that it wouldn't seem like a problem, but not understanding all of this just yet.

I really think I may just skip that step and just buy the hull cash this year and then an engine later. Figure if I can finish the cockpit and then forward of the engine bulkhead. Still trying to work this out, anyone do it this way? Figure get the engine and then finish that cabin area. Engine height dictates things but figure people should have a rough idea for bulkheads, etc with a common build...

 

[MDI45]

CEShawn,I built two boats that way...have the hull builder put in the running gear.just tell them your choice of power...and put the power in last ...leave a big enough door in the winter back to get a A frame in

 

[steveinak]

CEShawn,I built two boats that way...have the hull builder put in the running gear.just tell them your choice of power...and put the power in last ...leave a big enough door in the winter back to get a A frame in

If your building new why not just build in a nice hatch in the cabin roof to drop in the engine and if you need to pull it later its a easy job. All the bowpickers have hatches built right into the cabin backs for pulling engines, sure makes it easy to swap engines during a short season.

 

[CEShawn]

Were you guys able to get the cabin deck height correct, so you could build that area without the engine too?

 

[MDI45]

CEShawn,when I told Wayne beal I wanted to put in a 3126 Cat...he knows where the floor flange goes for that app....all these builders Know......very easy....send me a PM..and we will talk

 

[Badlatitude]

Even if you want an enclosed wheel house. I wouldnt worry about going through the rear of the house. As long as you pre plan your roof layout for installing/repowering or what ever going through the top of the house isnt really that bad. We had all our antennas mounted foward and the raft and dry stack to the rear. They dropped the engine straight down with a crane. When the hole was cut in top it was cut with a Jig saw so it was beveled (Like Mr Flowers hatches on one of the builds he posted) So the piece drops back in nicely and can be easily repaired. Obiviously we couldnt have gone through the back of the house because of the spool and the fish box, along with the stack anyway.

 

[8943post]

We did our long term financing thru SunTrust, Broker is Spencer Evans, [email protected]. He can also set you up with a construction loan thru Bar Harbor Bank. Our contact at Bar Harbor is Jim Lacasse.

Good rates but PITA bcause Maine Builders are looked down upon in the boat finance world...no slick brochures or snazzy ads in magazines.

 

[scbob]

Maybe you have some equity in your home you could use ? I just got a sizeable home equity loan for 3.5% (variable) and the credit union didn't care what I used it for. Unfortunately not for a boat yet, but I'm working on it ! Good luck, Bob

 

[Hooper]

Shawn, what hull you thinking of? I have to live through you when it comes to new boats! Tell me what we're looking at ! :lol:

 

[CEShawn]

First off I have missed a few posts here, thanks. Secondly, what is equity in a home? I do not think living on cape cod and being my generation 34yo right now, I know what that is? Buying my house for $307k valued at $320k at the time, slide up to $350k, now valued at a whopping $220k and being 7 years into my mortgage... Okay, so that is my little gripe, I did grab a home equity loan but it wasn't for much at all.

Hooper! I dont know, one day, its to build and one day its to buy. I just dont want to pay for someone elses work. One problem with DE's is that they owners, which have included me, customize them to themselves way to much.

I looked at a NB36 last week and thinking it may just be a little to big for me. I also looked at a HH32 on the cape that was built a few years ago. The HH32 seems to be my perfect size for as much as room as I would imagine I need right now. Anything to 36' would just be added cockpit and extra engine with probably loss of speed. I just can't see spending so much money on a boat when I think I can do the majority of the finish work myself, granted much slower...

To dream...