Northpoint Commercial Closes Financing for Boat Dealer

Northpoint Commercial Finance has developed a relationship with Plantation Boat Mart (Plantation), providing exclusive financing for HydraSports Custom boats. Plantation is one of the marine industry’s Top 100 Dealers in North America, has been the number one HydraSports Custom dealer in the world for the past 17 years, and is the factory direct test center for HydraSports Custom boats.

The financing facility has a built-in accordion feature for future growth and will give Plantation the liquidity and availability it needs to move ahead with production and open up new markets, possibly worldwide. Previous financing limited their cash flow and capped growth potential.

“We chose Northpoint because of their innovative deal structure, their flexibility, and their speed to decision,” said Elias P. Delatorre, III, Plantation owner and president. “With financing that best fits our needs, we’re looking forward to an exciting new growth chapter for the HydraSports brand.”

HydraSports is a line of high-end 30’-and-up power boats with the ability to custom design start to finish. The company’s unique model and approach did not lend itself to traditional bank or asset-based lending.

“Plantation needed a lender who could develop an innovative loan structure, offer more liquidity and collateral availability, and be flexible on terms to facilitate growth,” said Northpoint’s Russell Baqir. “We’re pleased to be able to respond to their needs and to help them grow the brand.”

As a privately held commercial lender, Northpoint could offer Plantation a nimbler response and flexible programs not typically found in today’s highly regulated banking environment. Absent a multi-layer approval system, Northpoint is able to expedite credit decisions and transactions, and enhance the customer experience.

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Terry Mulreany
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