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.