Wayfarer
Guru
- Joined
- Aug 29, 2014
- Messages
- 2,228
- Location
- USA
- Vessel Name
- Sylphide
- Vessel Make
- Kingston Aluminum Yacht 44' Custom
EDIT: The situation has resolved itself. The bank is playing ball, and I'mma buy me a boat!
I honestly feel a bit foolish posting this issue while people in the Bahamas have REAL problems, but here it is.
I'm still trying to buy Sylphide. I was hoping to have closed yesterday. I was hoping to be in Toronto right now, taking ownership of her. Instead, I'm still home, surrounded by boxes upon boxes of my packed up house.
We've waded through the stinky cesspit of bureaucracy up to the point where we're all just waiting for my bank to give the go ahead and lend me the loot.
The problem is that the boat was never issued a Hull Identification Number. I'm not sure how the Manufacturer got away with that, being that she's a 1985 build, and the law stating that all boats must have a HIN went into effect in 1982, but I suppose that's a moot point. If the manufacturer was still in business, we could get a HIN from them, but they're not. She was built by Kingston Aluminum Yacht, which was somehow dissolved to form what is now MetalCraft a few years after my boat was built. As MetalCraft technically didn't exist when she was built, they can't/won't issue us a HIN. There is no other avenue to assign a new HIN in the Canadian system.
Okay, well, I can just get a number issued by NY state, right? Yes I can, and it's pretty straightforward. The problem with that is, I can't get that number until I take ownership of the boat. According to the bank, however, they can't lend me money to buy the boat without a HIN. So it's a real chicken-and-egg type catch-22 situation here.
All I really need is a little leeway from the bank, maybe a week or so to allow me to get this stupid number, but I don't know if they're going to allow it.
I offered to let the bank send someone to ride the boat and hold a gun to my head until I got the new HIN, but that didn't seem to help.
I've looked around at other states that might allow me to assign a HIN to the boat, but they all have the same policy that I have to own the boat before a HIN can be assigned, which is perfectly reasonable.
I've put a lot of effort an energy into this already, and it might all be about to fall apart. It's got me feeling pretty frustrated and dejected. I'm so close, and it's just this tiny piece of minutia that could derail this whole thing. I just don't know what other options I might have, short of starting from scratch with another lender. Even then, I could very well end up in the same predicament after wasting another month.
Anyone have any thoughts?
I honestly feel a bit foolish posting this issue while people in the Bahamas have REAL problems, but here it is.
I'm still trying to buy Sylphide. I was hoping to have closed yesterday. I was hoping to be in Toronto right now, taking ownership of her. Instead, I'm still home, surrounded by boxes upon boxes of my packed up house.
We've waded through the stinky cesspit of bureaucracy up to the point where we're all just waiting for my bank to give the go ahead and lend me the loot.
The problem is that the boat was never issued a Hull Identification Number. I'm not sure how the Manufacturer got away with that, being that she's a 1985 build, and the law stating that all boats must have a HIN went into effect in 1982, but I suppose that's a moot point. If the manufacturer was still in business, we could get a HIN from them, but they're not. She was built by Kingston Aluminum Yacht, which was somehow dissolved to form what is now MetalCraft a few years after my boat was built. As MetalCraft technically didn't exist when she was built, they can't/won't issue us a HIN. There is no other avenue to assign a new HIN in the Canadian system.
Okay, well, I can just get a number issued by NY state, right? Yes I can, and it's pretty straightforward. The problem with that is, I can't get that number until I take ownership of the boat. According to the bank, however, they can't lend me money to buy the boat without a HIN. So it's a real chicken-and-egg type catch-22 situation here.
All I really need is a little leeway from the bank, maybe a week or so to allow me to get this stupid number, but I don't know if they're going to allow it.
I offered to let the bank send someone to ride the boat and hold a gun to my head until I got the new HIN, but that didn't seem to help.
I've looked around at other states that might allow me to assign a HIN to the boat, but they all have the same policy that I have to own the boat before a HIN can be assigned, which is perfectly reasonable.
I've put a lot of effort an energy into this already, and it might all be about to fall apart. It's got me feeling pretty frustrated and dejected. I'm so close, and it's just this tiny piece of minutia that could derail this whole thing. I just don't know what other options I might have, short of starting from scratch with another lender. Even then, I could very well end up in the same predicament after wasting another month.
Anyone have any thoughts?
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