Having said this, there is still a demand for
finance and banks are still lending – although deals are fewer and
further between. The market has seen high profile casualties
(Kaupthing), those testing the water and withdrawing (RBS, ING) and
those affected by changes in ownership (Fortis).

Ansbacher continues to lend, but with certain
geographical restrictions on borrowers. Arbuthnot Latham remain
active in the £1 million (€1.08 million) to £10 million bracket.
BNP Paribas Lease Group and Société
are lending, but may require funds under management
and/or cash collateral. UBS, Credit Suisse and Investec may
consider lending to existing customers.

This has left a gap in the market and there is
now significant potential for anyone willing and able to lend. It
is noticeable that banks that have historically lent to the
mid-tier market are now lending against larger yachts. Barclays
Marine Finance and Lombard have both experienced a recent surge in
applications as the market contracts.

What has waned dramatically is the attraction
of the Russian ultra high net worth individual – who will likely
now find it difficult to source yacht finance from the European

The author is a partner at the
UK law firm Hill Dickinson

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.