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!]
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)
Total cost of purchase: £17,973.30
(down-payment + 36 monthly payments)