I've been looking at financing options for a commercial vessel. Most of the big banks... FNBA, Wells Fargo, etc... have short term loans which skyrocket your payments.
CFAB is a pretty good route to look at, and I talked with the State... they can't help much because revolving loan funds for comm fish vessels are limited. I know that the State can refinance a loan after 1 year with another institution, but that doesn't get rid of that first enormous payment.
Has anyone gotten financing for a cf vessel through other means? Ie, an agricultural bank or national marine fisheries financing? I don't expect free money... I know that the interest is going to be significant, but a 12-15 year loan with 6-7% interest is a whole lot better than 7 years at 7-9%... makes a difference of about 20 grand a year in payments.