High-end boat market remains active

CLEVELAND – The Luxury Yacht Lending (LYL) division of Key Recreation Lending (KRL), a unit of Cleveland-based KeyBank NA, achieved loan volume growth in excess of 100 percent for the first half of 2007, compared to the same period in 2006, it reported in a statement yesterday.

This sales volume does not include a recently completed $50-million yacht financing package, which is the largest single yacht loan in the over 50-year history of KeyBank’s marine lending program.

“The sales results from our Luxury Yacht Lending division for the first half of 2007 demonstrate that the high end of the boating market continues to be active, even during an overall down year for the marine industry,” said Grant Skeens, KRL president and CEO.

Key Recreation Lending Luxury Yacht Lending, a division of KeyBank NA, offers yacht financing solutions up to $100 million. Its specialized products and services include yacht construction, foreign flag registration and interest-only loans for the large yacht/megayacht sector. Related divisions offer yacht floor plan, aircraft financing, equipment leasing, real estate financing and wealth management services, according to the company.

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