So what has been going on with the boat? Well its been a little while since I’ve done a post and I thought I’d have very little to post about honestly as it seems that for the most part the marine industry moves at a pace just slightly faster than a herd of turtles through a field of peanut butter. That being said stuff has happened since the 16th just that typically it’d be 1 or 2 small things a week. Well that changed this week. So to keep things simple here’s the bullet point version:
- Banking: I’ve investigated 2 banks to get a loan/mortgage (yes you can get a mortgage for a boat with some banks).
- Banking: Scotia is very picky about WHERE a boat is registered for their Marine Financing to be applicable. It has to be a registered Canadian Ship before you buy it. I tried talking to them that it WILL be a registered ship in Canada once I get it here but they weren’t going to budge. However, with my credit rating with them (I don’t have an account so it’s all based off of bank statements etc) I could have easily gotten a loan for $93,000. Good to know for the future but they are out of the race at this point.
- Banking: There are ways to secure a loan for a boat with other banks but they’re a bit… funny about it. Essentially you have to back up the loan amount with the same amount (or greater) somehow. This could be with say a lean on a house, or a bank account with that much money in it in some shape or form. This is rather difficult for someone looking at a boat as a house since you clearly wouldn’t have both (unless you’re loaded), and the other option of having the amount of money in existence already in some form beckons the question “Then why would I need you Mr.Bank?” Still there is hope.
- The Ship Itself: My Dad took a few days and went to investigate the ship directly. He came back with an impressive assortment of photos and data. Now that I have a better idea of what exists in the ship (the 65′ US T-Boat from 1954) I’m fairly confident that this is THE ship. The sheer size of the ship makes for great interior space. THANKS DAD!
- Docking: This is still an on going investigation but in a quick nutshell it’s not hard to find docking at the moment, partially in thanks to the economy, but many docks are a bit… mmmmm… nervous about a ship of my size floating there. The length is fine naturally but the tonnage is a bit high up there. Another option is to dock it with the other commercial vessels but I have to contact the Toronto Port Authority. Funny story was that I was warned that sometimes those ships knock about a bit and damage each other. Which would be amusing to see since their ships are built to standard commercial grade whereas mine was built for war… Bring it on.
- Ship Names: A few more to add to the list:
- Hot Spur (another ship name from the Horatio Hornblower series.)
- Equinox (probably not the most original name but I kinda like it.)
I’m sure I’m forgetting some stuff that has gone on but I’ll list it later in another post when I have time.
I really think in the end of all this I should write a book about my experiences as a live aboard captain right from start to finish because I have yet to find somewhere that lists out all the financial considerations and technical ones for this sort of lifestyle.