2008 shaping up to be a good year...
Ian Braham: 'some rationalisation of the marine finance market'
According to Ian Braham, head of Lombard Marine Finance, 2008 is shaping up to be a good year for business. ' There has been some rationalisation of the marine finance market recently, with some banks either withdrawing from the sector or reducing their activities but at Lombard, we continue to invest in the business and turnover year to date is up 38% on the same period in 2007.
'In particular, we've seen an increase in applications for financing superyachts. We have been funding these vessels for a considerable number of years and over the last few years we have noticed a significant increase in the levels of demand,' he added.
Last year Lombard appointed a specialist team focussing specifically on the rising need for bespoke finance facilities for superyachts. Mr Braham says: 'We are able to structure facilities to meet the exact specifications of the owner - there's no one-size-fits-all solution.'
Lombard has noted two other trends in the industry. 'First, there has been an increase in demand for funding of high quality large sailing yachts and, second, boat brokers are reporting a significant increase in interest from purchasers based in mainland Europe.
'This is one of the few areas where the weak sterling exchange rate is having a positive effect on the industry.'
Lombard continues to focus on the diversity of its product range, tailoring personalised packages to meet the needs of its customers. The company's ability to be able to provide funding in sterling, euro, or US dollar currencies completes this flexibility.
For more information on marine finance and for a quick, no commitment quote, call Lombard, where an instant quote can be researched.
Lombard Marine Finance
T: 02380 242171
W: lombard.co.uk/marine
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