Maritime Lending is one of the more exotic forms of finance, and only a few lenders, such as the Trevor Cole Commercial Corp, are actually familiar with this area. Shipping involves unique risks to lenders, and even more to the popular imagination than are probably present. Ships are large vehicles that spend long periods of time traveling through expansive and unpredictable environments. Moreover, being mechanical in nature, things can and may go wrong with the ship creating its own problem(s). These same risks are present for other maritime investments, i.e. oil platforms.
All the above is to point out that, if one is going to try to get a maritime loan from a firm that does not have Trevor Cole Commercial Corp experience and does not already know the financial intricacies of this particular situation. Moreover, a significant amount of information and argument required to secure such loans. Even with lender experience in maritime finance, proof needs to be given high levels of credit worthiness, including cash on hand, substantial security for the loan, a long history of credit-worthiness, a strong prospect of success, and other details. Even then, these loans carry substantial risk, and interest rates will be high accordingly. Maritime projects present substantial expenses, and maritime financing is necessary to the industry’s function.