Super-size superyacht buyers have well-established ways of borrowing or freeing up cash to commission new builds. However, buyers of megayachts on the smaller to middle size ranges tend to have fewer options, especially fewer lenders. Florida-based YachtCreators, which works with owners, brokers, and shipyards equally, decided to create a solution. In conjunction with Trinity Atlantic Capital, YachtCreators has a $100-million financing offering for new builds.
The two came to work with one another in an unusual way. Trinity Atlantic Capital, which offers financial services globally for ultra-high-net-worth individuals and corporations, has its headquarters in Nassau, Bahamas. The LeVen 90, which YachtCreators spearheaded on behalf of a client, happened to be moored near that office. This led to a conversation, and therefore the financing joint venture.
Notably, Trinity Atlantic Capital provides financing for a variety of luxury items. These include fine art, private aircraft, and wine. However, the company previously had no involvement with superyachts. Jim Allan, who with James Wilson runs Trinity, says the team was impressed with YachtCreators. “We couldn’t wait to be a part of their trajectory,” Allan adds.
Barin Cardenas (above), founder of YachtCreators, is equally enthusiastic about the joint venture. “It sparks new yacht and superyacht construction both in Europe and here in the USA,” he notes. Helping support new-yacht construction “has been a long-held dream of YachtCreators,” Cardenas continues. “Further, it provides much-needed construction-financing solutions to meet the growing demand of the yacht and superyacht market we’re now experiencing.”
Indeed, plenty of articles chronicle skyrocketing brokerage sales, plus the upper end of the custom-yacht market. They tend not to mention, though, how experienced and new yachting enthusiasts covet new-build slots for small- to medium-size megayachts, too.
These buyers need not wait long to take advantage of YachtCreators and Trinity’s offering. The $100 million in financing is applicable to new-build contracts beginning in the first quarter of 2022.