WEST PALM BEACH, Fla., Oct. 21, 2015 /PRNewswire/ -- Boat Finance, LLC, a next generation specialty finance company headquartered in West Palm Beach, Florida is pleased to announce its first round of capital funding in the amount of $25 million through Blue Elephant Capital Management, of Irvington, NY, a leader in marketplace lending investing.
Boat Finance will offer competitively priced loans on new and used boat loans with an initial focus on the underserved used boat market. Through its unique platform, loans will be originated, processed and approved on-line bringing new technology to an old school industry. Boat Finance was launched in Florida and New Jersey with immediate plans to expand to states with high levels of boat ownership.
Donald Schrama, Managing Director and CEO, noted, "The marine market evaporated subsequent to the financial crisis. Market research and evaluation revealed that traditional lenders were not lending to several large segments of the boating markets. As a result, we knew we could offer competitive rates to borrowers and higher yields to investors with the additional advantage of a much higher quality collateral."
Blue Elephant Capital Management is at the forefront of newly evolving structural opportunities made possible by the intersection of technology and finance. BECM is among the first to offer investors an institutional quality access to the developing marketplace lending asset class.
Joseph Mara, CEO and Co-founder of Blue Elephant noted that the fund has focused on partnering with high quality lenders. He further stated, "Marketplace lending has exploded in size and popularity. Despite the emergence of a large number of lending platforms, we have found a shortage of truly exceptional underwriting and are excited about the experience that Boat Finance management brings to the table."
Paul M. Pantozzi, Executive Chairman, expressed his confidence in Boat Finance and the market potential. "Our management team consists of experienced banking executives and marine loan originators with significant expertise in the marine industry. Adding Blue Elephant completes our team."
The management team of Boat Finance consists of career banker, Paul M. Pantozzi, Executive Chairman, former Chairman and Chief Executive Officer of Provident Financial Services; Glenn Shell, Vice-Chairman, a career banker, Chief Lending Officer, and former President of Dauphin Deposit Bank and Trust. Donald Schrama, Managing Director and Chief Executive Officer, and his brother Bill, Executive Vice-President are second generation consumer loan and marine specialists having worked for 1st Commercial Corporation, which was founded in 1966 by their late father, Al Schrama. Each possess over 30 years of experience and are considered industry experts in the field of marine lending.
For more information about Blue Elephant Capital Management visit www.bluelep.com.
SOURCE Boat Finance, LLC