HSBC's new yacht finance is plain sailing

Members of the local yachting community, including potential clients, were the hosts of HSBC last week for the launch of its new Yacht Finance product, appropriately on the former Black Pearl, now the Mare Nostrum Restaurant at Ta' Xbiex.

HSBC CEO Shaun Wallis was typically enthusiastic about the new loan proposition - promoting the yachting and boating lifestyle that he was sure would help a number of clients achieve their dreams.

Customers can tap into the product both to finance and refinance boats and yachts. They can borrow between Lm30,000 and Lm250,000, providing a mortgage on the vessel as the primary security, with the scheme providing up to 80 per cent of the value of the vessel, repayable over a maximum of 10 years.

The typical interest rate is 2 per cent over the bank's base rate, so the current applicable interest rate is 5.25 per cent per annum. Customers would also need to hold an insurance policy on the boat, which would be pledged to the bank.

Mr Wallis announced that, as a special launch offer, all loans taken before March 31 will benefit from a special interest rate of 1.5 per cent over base rate - 4.75 per cent per annum.

Additionally, for existing customers refinancing borrowings with other lenders, the bank will waive the processing fee and refund legal fees.

"Clearly Malta is an extremely attractive place to have a boat and we have launched an attractive product to help customers finance ownership of a boat and have some fun," Mr Wallis said in a statement.

More information on the HSBC Yacht Finance Loan is available from HSBC branch managers and commercial relationship managers. Prospective borrowers can also call the bank's customer helpline on 2380-2380 or visit the Bank's Website www.hsbc.com.mt.