Tuesday, June 9, 2015

Closing stress

When we initially figured out the financing for the purchase of Eximius, we considered pulling money from savings or taking a loan.  The loan process was our most comfortable choice and we selected Essex Credit for the financing process. Mortgage companies require secure collateral so they want title to the boat. That means the boat has to be USCG documented. Turns out that process can take up to 12 months to complete. I'm not sure the seller would wait that long for closing.

After digging deep, I found that Essex could process the loan despite the delay in the documentation process.  Phew!

Today we finally got the good to go response from Essex. I expect Deke will get his final payment by Thursday this week.

The stress has been on both ends of the rope. Deke has been concerned about his liability and I have concerns about spending money on a boat that is not yet ours. Deke has shown his commitment by allowing us to bring the boat to Fort Lauderdale and he knows that we have shown our commitment by putting so much skin in the game.

After FedExing the final, correct docs to Essex Credit after work today, I'm pretty sure closing will occur tomorrow,  Wednesday.  Then we can start planning in a less stressful environment. I'm ready to celebrate closing. I'll feel much better knowing that Deke has been paid.

So today,  Wednesday, will be a great day!