Iroko Syndicate - Purchase Price & Finance

Price

Each Syndicate Ownership has been valued at £31,500 per 16/64ths share but is currently offered at the discounted price of £19,500 per 25% share.

Terms: Holding deposit of 10% of the purchase price 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 design) 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 £87,916 in today's money - and did not include all the extras now installed on Iroko!]

Finance

We are willing to consider financing your purchase, subject to status, as follows:

Initial Payment: £12,000

followed by 35 monthly payments, each of £215

and 1 final payment of £269.53.

Amount of Loan: £7,500

Total of Monthly Repayments: £7,794.53

Total Interest (cost of credit): £294.53

Interest Rate: 2.5% pa (on monthly reducing balance)

Total cost of purchase: £19,794.53

(initial 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.

Syndicate Documentation >>

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