Do you want to secure financing for your vessel? Does it seem like the right thing to do, for your finances, your vessel, and your future, is to get a ship’s mortgage? People all over avail themselves of this option. It’s a great way to get the vessel you want while also being able to live your life, too. That said, as you might imagine, there’s plenty of paperwork that goes into this. Here at our U. S. Vessel Documentation Online site, you can find everything you need to get a mortgage for your vessel and satisfy it with the Release of Mortgage form and more.
The Initial Documentation
“Wait,” you might be thinking, “I want to get a mortgage for my vessel, I’m not really interested in documenting it right now.” Actually, the first step towards getting a mortgage for your vessel is the initial documentation. Indeed, a strong majority of banks won’t lend to you until you have your vessel documented. As with all of the forms that we’ll discuss in this blog, you’ll be able to find these at our site. In fact, “Initial” is the top form on our site, the most visible. Start there, and you can get the ball rolling, so to speak.
Preferred Ship’s Mortgage
Preferred Ship’s Mortgage is a rather fancy name for a form that basically means “mortgage application.” The thing to know about this form is that this mortgage can’t be recorded against a vessel unless the vessel has a valid Certificate of Documentation on file. Or, alternatively, you can file for one of these if the application for your Certificate of Documentation is on file with the proper authorities. Something to keep in mind here: “valid” means “valid.” So, if you had a Certificate of Documentation and you let it expire, or your Certificate of Registration has been lost or otherwise mutilated, that’s not good enough. It needs to be valid to take advantage of this.
Link to full article HERE.