The team from Salt wear red gilets and stand on a pontoon

Salt, a fairly recently formed boat finance company, says it’s making a significant impact in the leisure marine industry with the recent launch of its finance brokerage service – now fully operational. In a busy, busy time it’s also looking to launch an app which can offer loans from £10,000 to £250,000 (with approvals within 24 hours) and is in the midst of a second funding round. The latter is said to offer immediate monthly returns to investors, together with a share in the future value of the company. The funds raised will support Salt’s growth plans to drive innovation and further transform the marine finance landscape.

Even with all that going on, “our top priority never changes, we are 100 per cent focused on supporting boat buyers to get on the water, fast and efficiently,” says Joe Dalton, CEO and the company’s founder. 

The big idea is to make the boat finance process ‘faster, simpler, and more accessible’ for boat buyers through the use of technology to provide rapid credit decisions and a paperless process.

“What sets Salt apart is our tailored approach,” says Dalton. “Through our finance brokerage service, we offer personalised finance solutions through a diverse panel of lenders, with flexible loan options and structures to meet the specific needs of each boat buyer.

“It’s not a one-size-fits-all process – we work directly with our clients to ensure their finance package suits their individual requirements and having access to multiple lenders means we can negotiate the best terms on our customer’s behalf. With the imminent launch of the Salt. app, our innovative digital finance solution will bring efficiency and convenience to the smaller end of the boating market, which is currently heavily under-served.”

The company says it’s now started helping boat buyers secure what it terms ‘flexible and competitive’ finance options and has recently expanded to six dedicated professionals. Plus, over 20 key boat retailers have signed up as partners.

Tailored loan options include:

  • loans starting from £100,000, with no upper limit
  • up to 75 per cent loan to value, requiring a minimum 25 per cent deposit
  • flexible repayment structures, including balloon payments
  • fixed and variable rates, with lending options for individuals or companies
  • availability to UK residents, UK expats, and non-doms, for both new and used boats up to 30 years old

Dalton’s keen to stress that Salt’s not just offering loans. “We’re reshaping how boat buyers finance their dreams, with a fully digital, streamlined and fast process delivering seamless customer experience.

“Our traction in the market, coupled with ambitious plans to roll out new tech, makes this a prime opportunity for investors to get involved in a fast-growing sector,” he says. “Our current funding round provides for instant returns of 12 per cent for investors and the opportunity to share in the future success of the company.”

Pre-seed funding round completed for Salt’s boat buying app in 2022. The company positioned itself with its use of certified open banking technology to ensure interactions and transactions are in real-time between borrowers and boat dealers.

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