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ahopkins22LSV 13,575
I think this might be a bit narrow for the response but figured I’d pass along:
- Snapll
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The Hulk 1,838
Excellent commercial credit has been hovering 8.3-8.8% for a while and set to raise.
I was told buy an RV they have been double digits for a while on their lot. Not sure about boats.
banks are scrounging as hard as possible for 3% margin for a while and nobody is borrowing if they can help it.
Oddly I have never had so many marine dealers in our sector call and ask for a few more days to pay bills so they could get AR in and not have to borrow or borrow more on their line for only a few days or a week.
smoker craft employee said they are basically dead. Their winter shut down /break went longer than expect. They anticipated demand coming back a bit come late winter early spring but it’s not there and things are essentially dead and now layoff’s.
Also look no further than Elkhart IN if you want to know how RV and boating is going… …it ain’t good… layoffs everywhere!
If pontoon sector is getting hit harder now that means wake boats are getting destroyed.
And maaaan if I see one more idiotic report about sales $ amount YOY comparison instead of YOY units to compare demand to past years!!
“our cost doubled and we doubled our prices but at least our top line is on par with the past! We’re doing great!”
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MalibuNation 1,010
Here's where teak swim platforms came from if interested:
- Snapll
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IXFE 14,049
On 4/16/2024 at 9:08 PM, 85 Barefoot said:Touché. Floor plans are unique as to their terms obviously. Not just a simple line of credit collateralized by individual units.
That said some googling tonight doesn’t seem 5% is that off base? Is it? Of course, big difference between googling and signature lines. Enlighten us on a reasonable rate charged for a unit sold in a reasonable timeI don’t know much about how floor plans are priced. But I do know this…
the current fed funds rate is 5.33% while SOFR is 5.31%. Those are the banks’ overnight “wholesale” rates.
Commercial lending is typically quoted at SORR + X%. So a 5% rate on a loan of any kind would mean the bank is literally giving $ away.
That’s why I said… if you know of such a bank, please DM me their contact info.
Even your 7.5% number is not realistic given experiences I have with large commercial lending (which I won’t elaborate on).
Trust me, these guys are paying double digits, and that’s not all that uncommon, especially considering their credit rating (which I’m sure wasn’t super attractive even before this melt down).
The 13.5% quoted above is perhaps higher than I would have guessed, but also not surprising.
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Pnwrider 6,312
Gel coat is tough, I’d start with a wool pad and medium cut polish. I’ve been impressed with both the cutting and finishing capabilities of wool.
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