ALBERT GOODWIN

Yacht Financing Lawyer in New York

Expert legal counsel for yacht financing transactions, representing buyers, sellers, lenders, and brokers across the United States and internationally.

Our Yacht Financing Law Practice

Purchasing or refinancing a yacht is a significant financial commitment that requires careful legal guidance. At The Law Offices of Albert Goodwin, we provide strategic legal support for all types of yacht financing transactions—whether you're acquiring a new luxury yacht, refinancing an existing vessel, or lending against a yacht as collateral.

We represent yacht buyers, sellers, lenders, and brokers in structuring and closing yacht financing transactions across the United States and internationally. Our deep understanding of maritime financing law and the unique challenges facing yacht owners allows us to deliver exceptional legal counsel.

With Attorney Albert Goodwin's 15+ years of experience as a seasoned yacht financing lawyer in New York, our firm brings unmatched insight and precision to every transaction. Whether you're a first-time yacht buyer or a seasoned investor, we tailor our services to meet your specific objectives and close deals efficiently.

Our Financing Services

  • Loan Agreement Drafting & Negotiation
  • Preferred Ship Mortgages
  • Security Agreements & Lien Filings
  • Intercreditor & Escrow Agreements
  • Maritime Mortgage Registration

Our Yacht Financing Legal Services

Loan Agreements

We draft, negotiate, and review comprehensive loan agreements tailored to your specific yacht financing transaction. Our agreements address key terms including interest rates, repayment schedules, default provisions, and collateral requirements, ensuring your interests are fully protected throughout the financing process.

Promissory Notes

Our attorneys prepare legally sound promissory notes that clearly document the borrower's obligation to repay the loan. We ensure these critical documents include proper terms regarding payment amounts, due dates, interest calculations, acceleration clauses, and remedies available upon default to provide maximum protection for lenders.

Preferred Ship Mortgages

We handle the complex process of creating and recording preferred ship mortgages with the U.S. Coast Guard or appropriate foreign registry. These specialized maritime security instruments provide lenders with priority status and enhanced remedies in case of default, including the right to arrest the vessel in admiralty proceedings.

Security Agreements

Our comprehensive security agreements protect lenders by creating enforceable security interests in the yacht and related equipment. We draft detailed collateral descriptions, maintenance requirements, insurance provisions, and default remedies to ensure lenders maintain proper security throughout the loan term.

Lien Filings

We handle all aspects of maritime lien filings to perfect security interests in vessels. Our team ensures proper documentation is filed with the appropriate authorities, including UCC financing statements for equipment and accessories not covered by ship mortgages, creating a comprehensive security package for lenders.

Intercreditor Agreements

For transactions involving multiple lenders or complex financing structures, we draft intercreditor agreements that clearly establish priority rights, payment waterfalls, and remedies among different creditors. These agreements prevent disputes and provide certainty regarding each party's rights in the collateral.

Fee Structure

At the Law Offices of Albert Goodwin, we believe in transparent pricing for our yacht financing legal services. Our fee structure is designed to provide clarity and value for our clients.

Service Fee Structure Approximate Total Cost
Yacht Financing Documentation Package Flat fee or $500/hour $5,000-10,000
Preferred Ship Mortgage Preparation & Recording Flat fee $3,500-6,000
Vessel Title Search and Abstract Flat fee $1,200-2,500
Loan Agreement Drafting Flat fee $3,500-7,000
Loan Agreement Review Flat fee or $500/hour $2,000-3,500
Corporate Entity Formation for Yacht Ownership Flat fee $3,000-6,500
Maritime Lien Resolution $500/hour $3,500-10,000
Intercreditor Agreement Flat fee or $500/hour $4,000-7,500
Initial Consultation Often free or credited toward services $0-750

Note: The approximate total costs for hourly services reflect the standard $500 per hour rate. Actual hours required will vary based on the complexity of each specific case, vessel value, and whether international jurisdictions are involved.

Why You Need a Yacht Financing Lawyer

Specialized Maritime Knowledge

Yacht financing is a niche legal area that involves a unique intersection of maritime, banking, and international law. Our extensive knowledge ensures your yacht financing matters are handled with precision and thoroughness, avoiding costly mistakes that general practitioners might miss.

Protection of Your Investment

With the significant financial commitment involved in yacht financing, proper legal documentation is essential. Our team ensures all security interests are properly perfected, all regulatory requirements are met, and your investment is fully protected throughout the financing process.

International Expertise

Yacht financing often involves cross-border considerations, including foreign flag registries, international tax implications, and multi-jurisdictional security interests. Our team has the international expertise to navigate these complex issues and structure transactions that comply with all relevant laws and regulations.

Common Yacht Financing Scenarios

New Yacht Purchases

When purchasing a new yacht, financing arrangements must be carefully structured and documented. We assist with negotiating favorable loan terms, preparing and reviewing loan documents, coordinating with vessel documentation, and ensuring proper perfection of security interests to protect all parties involved in the transaction.

Refinancing Existing Loans

Yacht owners seeking to refinance existing loans require careful attention to the transition between financing arrangements. We handle the legal aspects of yacht refinancing, including satisfaction of existing loans, release of security interests, and documentation of new financing arrangements to ensure continuous protection and compliance.

Corporate Ownership Structures

Many yacht owners utilize corporate entities for ownership and financing purposes. We assist with establishing appropriate corporate structures, documenting the relationship between the entity and the beneficial owner, and ensuring proper alignment with financing arrangements to optimize liability protection, tax planning, and regulatory compliance.

Default and Foreclosure Situations

In the unfortunate event of loan default, focused legal knowledge is essential to navigate the unique aspects of maritime foreclosure. We represent both lenders and borrowers in default situations, providing guidance on rights and remedies, negotiating workout arrangements, and handling foreclosure proceedings when necessary.

Contact Us

Contact the Law Offices of Albert Goodwin to discuss your yacht financing needs. We offer consultations to discuss your specific situation and how we can assist you.

Address:

31 W 34th St, Suite 7058

New York, NY 10001

Phone:

212-233-1233

Request a Consultation

Albert Goodwin gave interviews to and appeared on the following media outlets:

ProPublica Forbes ABC CNBC CBS NBC News Discovery Wall Street Journal NPR

Client Reviews

Verified feedback from our clients

Mr. Goodwin is everything you want in an attorney: professional, honest, thorough, and genuinely caring. He always explains things clearly, so I understood exactly what was happening and what to expect next. His attention to detail and persistence really stood out. Looking back, I feel lucky to have found him. He guided me through the whole process expertly, and I deeply appreciate all his hard work. Would definitely recommend him to anyone needing legal help.

Sarah M

Legal Services

Thanks to Mr. Albert Goodwin's hard work and smart thinking, I finally won my case, which has been a long time coming. He figured out solutions that no one else could see. I'm really impressed by his strong ethics - something that's rare these days. As my lawyer, he went above and beyond what I expected. I'm so grateful I found him and would definitely recommend him to anyone needing legal help.

Lawrence H

Legal Services

From our first meeting, I knew I was in great hands with Albert and his associate Katrina. They handled my case with incredible skill and efficiency, even though they took it over from another firm. What impressed me most was how quickly Albert responded to my questions with honest, clear answers - no sugarcoating, just straight talk. They managed a huge workload under tight deadlines, and their fees were very reasonable for such high-quality work. Beyond his legal expertise, Albert's wit and personality made a difficult process much easier to handle. I'm deeply grateful for their hard work and would absolutely choose them again. If you need legal help in New York, you won't find better representation than Albert's firm.

Adam F

Legal Services

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