United States

KeyBank Luxury Yacht Lending

Key Recreation Lending's Luxury Yacht Lending division, a unit of Cleveland-based KeyBank NA, introduces three new financial programs for yacht buyers: letter of credit, construction loan, and balloon note. These new financial tools, added to the full suite of lending options, allow Key’s Luxury Yacht Lending professionals to meet the very specific financing needs of clients. “We’ve continued to diversify our yacht lending options so we can fully meet our customer’s needs for attractive financing alternatives that complement personal investment and financial planning strategies,” said Grant Skeens, president and CEO of Key Recreation Lending.According to John Relyea, national direct sales manager, “In this market, clients value service and products that ease all aspects of the transaction process, and the ability to access a variety of flexible financing solutions is vital.” “We’ve continued to diversify our yacht lending options so we can fully meet our customer’s needs for attractive financing alternatives that complement personal investment and financial planning strategies,” said Grant Skeens, president and CEO of KRL.According to John Relyea, national direct sales manager, “In this market, clients value service and products that ease all aspects of the transaction process, and the ability to access a variety of flexible financing solutions is vital.”Letter of Credit The letter of credit program provides a valuable financing tool during the construction and import phases of a new yacht purchase, and allows for easy transition into permanent financing. Features of this program include: <ul style="MARGIN-TOP: 0cm" type="disc"> <li>Letters of credit available starting at $500,000 </li> <li>Standard terms up to 24 months or more </li> <li>Interim financing available while the yacht is being transported to the United States </li> <li>A full assortment of end loan options including fixed and variable rates, interest only and LIBOR options </li>
</ul>New Yacht Construction Loan Program The new yacht construction loan program “is ideal for clients interested in maximizing their assets while taking advantage of competitive interest rates with minimal out-of-pocket expenses,” says Jim Velez, KeyBank Luxury Yacht Lending manager. Loans of $500K or more for terms up to 24 months, or longer in selected cases, are available with a 25 percent down payment. Interest rates for this program are typically tied to the 30-day LIBOR index.As with the letter of credit program, the new yacht construction loan program allows for easy transition to a full assortment of end loan options including fixed and variable rates, interest only and LIBOR options.Balloon Note Program The new balloon note program provides a fixed rate for the first five or seven years, and then a balloon payment. Clients take advantage of a discounted rate on a 20-year term loan, with a five- or seven- year balloon provision. “When you consider the fact that the majority of yacht clients trade or sell within three or four years, the value of this option becomes apparent,” explains Velez. This program is available for loan amounts of $250,000 or higher.<noscript></noscript>

Key Recreation Lending expands portfolio of lending solutions for yacht buyers

Luxury Yacht Lending sales up by more than one hundred percent; Completes fifty million dollar yacht financing package The Luxury Yacht Lending (LYL) division of Key Recreation Lending (KRL), a unit of Cleveland-based KeyBank NA, achieved loan volume growth in excess of 100 percent for the first half of 2007 compared to the same period in 2006. This sales volume does not include a recently completed $50 million yacht financing package, which is the largest single yacht loan in the over fifty-year history of KeyBank’s marine lending program. “The sales results from our Luxury Yacht Lending division for the first half of 2007 demonstrate that the high end of the boating market continues to be active, even during an overall down year for the marine industry,” said Grant Skeens, president and CEO of KRL. “Our completion of a $50 million transaction is a milestone for Key Recreation Lending and we are excited about our growth in this specialized area of yacht financing,” reported John Relyea, senior vice president and director of the division that includes the Luxury Yacht Lending organization. Jim Velez, manager of KRL’s Luxury Yacht Lending, led a team of yacht financing specialists involved in the transaction. “Our combined experience and the exceptional scope of our custom yacht finance products and services allow us to meet the financial needs of buyers of yachts from 60 feet to 60 meters and beyond,” he said. <noscript></noscript>

KeyBank announces record yacht loan volume for first half of 2007 

Key Recreation Lending (KRL), a division of Cleveland-based KeyBank NA, has hired Michael Scallin as sales relationship manager for its Luxury Yacht Lending division. Scallin reports to Jim Velez, manager of KRL’s Luxury Yacht Lending. Scallin is responsible for building relationships with manufacturers, brokers, designers, dealers and owners in the Northeast and New England area, as well as select Florida accounts. He specializes in products specifically for the yachting market, including permanent, retail, construction and bridge loans. “Michael is a highly experienced yacht financing professional. His wealth of industry knowledge and specialized background will help us provide the best individualized experience for our clients,” said Velez. Scallin has more than 14 years of experience in the marine industry. Most recently he was a vice president in Private Banking/Marine Lending at Comerica Bank in Fort Lauderdale, Florida. Prior to that he was the South Florida area sales manager for First New England Financial. Before moving to Florida, Scallin was based in the New England area where he held yacht financing positions of increasing responsibility. Scallin is based at KeyBank’s Luxury Yacht Lending headquarters on “megayacht row” at The Portside Yachting Center in Fort Lauderdale, Florida. He is a member of the Florida Yacht Brokers Association, the Yacht Architect &amp; Brokers Association and the National Marine Bankers Association. About KRL Luxury Yacht Lending Key Recreation Lending's Luxury Yacht Lending, a division of KeyBank NA, offers yacht financing solutions up to $100 million. Luxury Yacht Lending offers a full array of specialized products and services, including yacht construction, international letters of credit, foreign flag registration and interest-only loans for the large yacht/megayacht sector. Related divisions offer yacht floor plan, aircraft financing, equipment leasing, real estate financing and wealth management services. For more information, visit <a target="_blank" href="http://www.key.com/yacht">www.key.com/yacht</a> or call 1-800-971-6795. About Key Recreation Lending Key Recreation Lending, a division of KeyBank NA, is a leading marine and recreation lender with over 50 years of experience. Key provides retail financing programs and commercial lending products to dealers nationwide, including floor plan, real estate and equipment financing; working capital loans; acquisition facilities; manufacturer programs; and treasury management services. For more information, visit <a target="_blank" href="http://www.key.com/marinedealer">www.key.com/marinedealer</a> or call 1-800-971-6795. About KeyCorp Cleveland-based KeyCorp is one of the nation’s largest bank-based financial services companies, with assets of approximately $93 billion. Key companies provide investment management, retail and commercial banking, consumer finance, and investment banking products and services to individuals and companies throughout the United States and, for certain businesses, internationally. <noscript></noscript>