You cannot use the yacht share as collateral for a conventional yacht loan. However, there maybe other tax friendly options for financing available such as home equity loans and investmetn account margin loans.
You are enittled to up to 12 weeks per 25% share; so, up to 24 weeks for a 50% share.
Regular expenses are shared according to your % share owned and are billed monthly by FYG. Repair expenses that arise as a result of a particular partners mishap during his/her use of yacht (e.g. prop damage) are 100% the responsibility of that partner.
FYG keeps the yacht prepared and ready for use at all times, either by fractional partners of by paid charter customers.
Yes, FYG will market weeks of a fractional partner's usage time as it does for other charter vessels. Any net revenues earned as a result will be paid monthly.
You simply contact FYG Charter office to check on the availability of your yacht.
Each time you use the the yacht, there will be a nominal turnaround fee based on the size of the yacht and a small insurance supplement to cover insurance deductibles.
The FYG charter office personally knows each owner and his/her capabilities. Initially, a resume of your experience and trial run with a captain to confirm competency may be needed. If you are uncomfortable, the FYG will refer a crew/captain to assist with the usage.
Yes, FYG can provide references to obtain qualified help.
FYG uses the CE rating for day trips and sleeping cabin capacity for overnight trips.
Typically, the Florida Keys and the Bahamas for trips of 1-3 weeks. However, depending on experience and time requested, other destinations may be possible.
Damage is assessed immediately upon return to base. A towing service is called, if necessary.
The yacht must be clean and all defects found must be reported. FYG will inspect the vessel together with you or the charter customer upon its return to determine if the defect is an equipmetn failure or the result of an accident.
Yes, with agreement of the partners.
The boat will be titled to an LLC owned by the partners.