New Sales Administration Manager Appointed at Promarine Finance

Leading marine finance lender, Promarine Finance has appointed a new Sales Administration Manager, Bella Cooper.

Bella appointment is part of an on-going development programme that will see the company continue to expand over the next 12 months.

Bella will be responsible for the management of all finance agreements, from proposals through to completion. Bella will play an active part in developing Promarine Finance’s commercial activity, acting as a liaison for customers, vendors and brokers. A key part of the role will see Bella collate finance and boat documentation as well as manage Promarine Finance’s CRM system.

Stuart Austin, Director of Promarine Finance, comments: “Bella’s appointment comes at a pivotal for us. Promarine has experienced significant growth and it is important that we scale our team in order to continue to offer the very best service on the market for our customers. Bella has a wealth of experience in the marine industry, not only is she a professional yacht and powerboat skipper, a mentor at the British Keelboat Academy, she is also a skipper for the successful racing charter @TeamTigress. It is a pleasure to welcome her to our team.”

Bella comments: “I am delighted to be joining Promarine Finance as Sales Administration Manager. When I met Stuart, I was very impressed with the company ethos and vision which I am excited to be part of as it embarks on its next 10 years. I am passionate about boating and look forward to working with the team over the coming months and years ahead.”

How much do you know about your new boat?

Another good reason to choose Marine Finance and a reputable broker over other options which may at first seem better value:

Our colleague Charlie spoke with a vendor (private sale) this morning who confirmed he had owned the boat for 2 years having bought via the courts due to the previous owner losing it through a fraud. We were were told there is correct paperwork to prove the purchase from the court, but the vendor did not know if the boat was VAT paid.

The buyer contacted the builder and the boat is known to them and they confirmed that VAT hasn’t been paid. The boat was infact heavily damaged resulting in a complete hull rebuild, transom replace and new engines and electronics. The current owner purchased from the court for a paltry sum. The repairs may be all fine but is this a risk worth taking and at what price?

A personal loan application would not identify any of the above.

What is the value of choosing to work with Promarine Finance?

We are Still Lending

Boat enquiries have started coming back and we have issued acceptances conditional on the following:

How is lock down affecting you financially?

Completion can only take place once lock down has been lifted unless there are compelling reasons to complete beforehand.

Our view of Southampton Boat Show 2019

2019 marked the third year for ProMarine Finance Ltd to exhibit at the Southampton Boatshow, being the second time in Mayflower Park between Ocean Hall and the Marina. Having seen Marine Mortgage lending grow in certain sectors through the year, we found this year’s show had a very different feel and not representative of the past 12 months.

Did the heat keep the visitors away? – well we were told by some with tickets the weather was too good to go to the show!!! At least on the marina there appeared to be a cooling breeze most days – whereas our location was sweltering, causing us in the afternoons to end up squeezing into the back of the stand to get out of the sun!!!

Previously our location was chosen so to be close to other Marine Mortgage lenders, however 2019 saw us as the only finance exhibitor with a stand, meaning we received enquiries for larger boats that didn’t fit into our lending profile. We also didn’t have visitors who were looking to get started in boating, nor did we see many looking for a lower value boat, or a vessel of an older age – all being our typical customer.

So where were the typical smaller boat buyers? – Did the emphasis being driven by British Marine and their Futures Project of selling ‘boating experiences’, which is further emphasised by the show’s main sponsor ‘Borrow a Boat’, mean that our target audience chose not to come?

Our business is growing well, mostly due to the internet, so maybe customers in our market can research all they need from the internet….. We believe this is why other Marine Mortgage providers chose not attend and it could certainly influence our decision to be present in the future.

As always we enjoyed ourselves at the show meeting new, past and present clients, along with the regular boat dealers. The BRBA dinner was a great event at the Grand Café, superb food and generous drinks from Coleman Insurance – always makes for an entertaining journey home on a Brompton Bike!

Makes us wonder if the traditional boat show for attracting boat buyers and selling boats has run its course in the UK – London is no more, On the Water was cancelled and Southampton feels as though it is shrinking. There appear to be plenty of big names in the industry voicing support for the show and their sponsorship, but we are not too sure whether to believe it.

Title Paperwork

Title paperwork for boats – potentially a problem and certainly worth checking.

We have recently been asked to finance a used boat, via private sale, where sadly the previous vendor had died before signing the sale document.

These things do happen and the solicitor dealing with the vendors estate can easily pass on title using the “power of attorney.”

However in our case the manager of the marina where the boat was berthed signed the boat sales contract without any authority to do so. Neither the marina manager or the current vendor saw a problem with this.

It is obvious that good title to this boat cannot be established without “reaching” back to the estate of the previous vendor. the current vendor saw no need to take this action and the sale has fallen through.

In this instance we advised the purchaser to look for another boat and they have now found a boat via an established broker.

An established reputable broker should establish good title to the boat and assist the vendor and purchaser throughout and beyond the sale process. #finance #documentation #checks #marinefinance #canalboat