Equipment Leasing Group of America launched a new financing program for yacht and marine vessel owners.

“The global recreational boat market is expected to be worth approximately $23 [billion] to $30 billion by 2018,” said Brian Trebels, CEO of ELGA. “We are pleased to expand our options for marine ownership this summer. Construction of recreational vessels and even large superyachts are booming. Our marine financing rates are affordable because we focus on a particular area of the marine vessel market in which owners agree to limit the use of the vessel to pleasure or limited charter (which is less than 71 days of charter per year) in order to qualify.

“The rules on ownership are flexible: ownership may be personal, joint, or single asset holding company. We will consider, on rare occasions, ownership held in an already operating and established business.”

Trebels said that so-called “straw purchases” – where someone buys and owns the vessel, but another person or entity is the primary user of the vessel – are not allowed under the current terms of the program.

All loans, Trebels noted, will require a personal guaranty.

Under the program, ELGA will offer funding from $250,000 to $20 million with terms of three to 20 years.

ELGA was formed by veterans of the leasing industry with more than 40 years of combined experience in creating custom equipment solutions. Leases from ELGA have included enterprise software and assembly-line equipment for manufacturers, high-end diagnostic and surgical-suite equipment for healthcare providers and conventional construction equipment such as excavators and bulldozers.