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A marine note or boat note is a promissory note secured by a marine craft. Marine notes are collectively know as marine paper.

Marine paper is created when a boat is purchased and the seller (either a marine dealer or a private individual) provides the financing. Marine paper may be secured by all types of watercraft, including:

• Commercial fishing vessels
• Commercial tug and towing vessels
• Commercial passenger or cargo vessels
• Research vessels
• Unpowered barges
• Commercial ferries
• Private motor and sailing yachts
• Houseboats

For the individual marine note holder:

• It provides immediate cash to the seller, which the seller can then use for another purpose.
• The seller no longer has the risk of non-payment.
• The seller can avoid the administrative hassle of collecting payments.

For marine dealers:

• The dealer can use the cash to purchase more inventory or open another location.
• The dealer no longer has the risk of non-payment from credit customers.
• Placing loans with a funding source at point-of-sale allows the dealer to offer better credit terms to customers without securing bank lines of credit. By offering a financing program to its customers, a dealership can increase its sales.

Murcor Funding represents funding sources that purchase existing marine notes and portfolios for cash. We can also work with a seller to arrange point-of-sale funding. This allows you to offer financing to your customers without being forced to secure bank lines of credit.

Contact Murcor today to find out more about selling your marine note or portfolio for a lump sum of cash.

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