NEW SELLER FINANCE SERVICES

摘要

Ciris Capital recently announced it now provides YachtNote seller finance services in cooperation with AKD advocates, a large law firm specializing in shipping and finance. Seller's finance is a form of finance where the seller lends to the buyer part of the sum the buyer needs for the purchase of the yacht. Part of the purchase price is being paid, and part financed. As far as the financed part concerns, in fact no money passes between the seller and the buyer, as the payments are being set off. The security which a seller will obtain for his loan will be the kind of security a bank would otherwise have: a first preferred mortgage on the yacht, assignment of insurance payments and, in case the yacht would be commercially operated, assignment of income. Finance documentation shall be drawn up to properly secure the interests of the seller and a commercial interest should be charged.