A small commercial vessel may have a long working life but still need fresh capital for a refit, engine or purchase. Promarine Finance has expanded its offering to commercial marine operators, building on its existing specialist knowledge of the sector.
The announced facilities start at £25,000 and may cover new and used vessels or refinancing of existing assets. Terms depend on assessment rather than being a general offer of credit to every owner.
Used boats and improvements are in scope
The lender says the programme can support vessel purchases, refits, upgrades and business growth through asset refinancing. This may be relevant to operators running small passenger boats, workboats or other commercial craft, provided a particular vessel meets the lender’s criteria.
Promarine describes flexible terms of up to seven years, with deposit and repayment arrangements dependent on the case. Borrowers need to review total cost, security, insurance and cash flow rather than focus only on an advertised monthly amount.
Industry experience informs the lending offer
Oliver Chaplin is leading the new commercial finance section and brings a marine background to the role. The company highlights more than three decades of experience in specialist finance as it enters this additional market.
Commercial marine lending is not identical to an ordinary personal boat loan because an asset may be used to generate revenue. Maintenance records and realistic operating projections can matter when a lender assesses its value and intended use.
Small operators still need to calculate the full cost
A loan can pay for the asset, but it does not remove ongoing fuel, berthing, certification or maintenance expenses. Operators should make their own comparison between borrowing, retaining an existing vessel and deferring work.
For LBG’s under-12m market, the expansion is a business-services development rather than a new boat launch. It may offer additional options to eligible working-boat owners, subject to the lender’s individual assessment.