Planning in advance I have arranged for an interest only construction or
"bridge" loan for the last stage of my construction. It will be a $30K line
of credit on a boat that the insurance company's surveyor says will be worth
over $200K when finished but the bank had no interest in taking the boat as
collateral. I will have to put up other stock or real estate assets. I
will also have only one year from the first draw to arrange permanent
financing.


"Ron" wrote in message
...
Has anyone done an interest only loan when purchasing a used boat? I have
my eye on a "new" boat but at this time with a regular loan I can't afford
the payments but in 2 years I will have extra income. To me it sounds like
the interest only loan is a good way for me to purchase the boat now. Are
there any boat loan companies that offer the interest only loans? I have
done some research on the Internet but have not been able to find any.