Price

 

The initial offer price is £17,500 per Syndicate Share. 

 

Each Syndicate Ownership has been valued at £31,500 per 16/64ths share based simply on the savings achieved over outright ownership so the current offer price represents a (very) theoretical saving of £14,000.

 

Terms:  10% holding deposit of £1,750 to reserve your share, the balance payable in full or with our finance (see below) within fourteen days. The deposit may be refundable in full or in part within the 14 days if you decide not to proceed with your purchase.

 

Prospective syndicate owners must satisfy the original owner that they are sufficiently experienced to meet standard marine insurance requirements.

 

[This Border Minstrel advertisement (for an alternative layout) was published in 1966 but, before you think our syndicate prices are extortionate, we should point out that £6,750 in 1966 is equivalent to about £88,000 in today's money - and did not include all the modern extras now installed on Iroko!]

Finance

 

We are willing to consider financing your purchase, subject to status, as follows (example shown for one 25% syndicate share at offer price of £17,500):

 

Holding Deposit: £1,750.00

Balance of Down-Payment: £9,250.00

 

Total Down-Payment: £11,000

 

followed by 35 monthly payments, each of £190 and 1 final payment of £207.57.

 

Amount of Loan: £6,500

Total of Monthly Repayments: £6,857.57

Total Interest (charge for credit): £357.57

Interest Rate: 3.50% pa (on monthly reducing balance)

APR: 3.5%

 

Total cost of purchase: £17,973.30

(down-payment + 36 monthly payments)

 

Please note:-

  • Repayments are by monthly standing order
  • Loan secured by 50% of your syndicate share (ie 8/64ths) and recorded as such on the Ship's Register.  This does not affect your rights of use (12 weeks per year) or your responsibility to meet your financial obligations in respect of maintenance, repairs, upkeep and other annual costs.
  • The retained 50% of your syndicate share will be transferred to you and recorded on the Ship's Register upon the loan being repaid in full.
  • In the event of a loan default, your rights of use will be suspended and your syndicate share will be placed on the open market. You will still be liable for your share of syndicate costs whilst your rights of use are suspended until your share has been sold.
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