OceanPoint Marine Lending Announces the Formation of the Marine Construction Loan Program
For Immediate Release
OceanPoint Marine Lending (OPML), a division of BankNewport is pleased to announce the introduction of a Marine Construction Loan Program to facilitate the build and purchase of high quality, industry-respected yachts.
With rare exceptions, purchasers of certain new boats have often been saddled with the requirement of making progress payments during the construction of their ordered boats. This frequently requires your valued purchaser to (i) deplete personal liquid assets that otherwise could be working to create desired investment returns; (ii) to tap into home equity or other such borrowing options, or worst of all; (iii) to simply choose not to purchase this new boat due to these construction payment obstacles.
OPML has stepped into this void to provide the yacht purchaser, yacht dealer, and yacht manufacturer with a simple, yet dependable financial tool for the yacht construction process. Backed by BankNewport, a 200+-year-old mutual bank located in Newport, RI, OPML provides all participating parties the comfort and assurance that payments during the construction process are made when due, and at the agreed-upon stage of construction.
OPML has already successfully worked with MJM Yachts and Hinckley Yachts in introducing this program and looks forward to expanding the benefits of the program to other yacht dealers and manufacturers.
To obtain more information on the program and its benefits please contact Larry Reagan, BankNewport’s Director of Marine Lending at firstname.lastname@example.org or at 667-777-4213.