In the Greek banking market there is a sufficient number of banking institutions which offer marine financing. The inter- ested buyer must conduct a market research so as to receive in detail the terms of financing and eventually decide which is the most suitable financing package for his case. The terms of financing differ from bank to bank but also in relation to the amount requested, the object of financing (i.e. the yacht/boat), the provided security in favour of the bank and creditworthi- ness of the debtor. Summarising the financing market, we see possibility of financing 60% up to 70% of the commercial value of the boat, for a new one, and 50% up to 60% of the evalu- ated price of a second-hand one. There are banks which set a minimum limit for granting a loan amount (e.g. Euro 300,000) and others that may lend much smaller amounts (e.g. starting
from Euro 3,000). The duration of the financing ranges from 12 up to 72 months for new ones, while some banks limit the loan duration for second-hand boats. Depending on the bank, the loan may be granted in Euro or foreign currency and the inter- est rate offered is either fixed or fluctuating (the contribution of Law 128/75, today 0.6%, is added to the interest rate). Pre-requisites/type of security granted in favour of the bank depending on the merits of the case: First ranking Marine Mortgage over the boat for approximately 130% of the loan amount, withholding of title ownership, assignment of security of the boat, personal guarantee of the borrower, security of the mortgagee, additional security (e.g. cash collateral, share pledge, pledge of mutual funds, immovable property pre- notation, etc.).
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