Independent Banker - July 2018 - 18

PORTFOLIO
Niche lending: Smooth
sailing or rough waters?
Lending
In niche lending, your
community bank's fate comes
down to expertise and passion for the work.
By Katie Kuehner-Hebert
ommunity banks can make a lot of money
by offering niche loans-but if they don't do
it right, they stand to lose a bundle.
Among Boston-based Radius Bank's specialties
is yacht loans. The $1.1 billion-asset bank
typically makes loans for boats 50 feet and up,
with loan amounts ranging from $750,000 to
$10 million. It's a lending niche serving a particular
clientele: wealthy yachters who want
18 Q ICBA Independent Banker Q July 2018
C
to write off the investment on their taxes, says
James Velez, Radius Bank's senior vice president
of yacht lending.
" Virtually all of the wealthy clients really don't
need to borrow the money, " Velez says. " Most
of the time, they will set up some sort of legal
entity to take ownership of the boat and they'll
use that as a tax write-off. Some of them will
charter the boat a little bit just to support the
tax advantages. "
Yacht loan brokers who have clients across
the country come to Radius whenever someone
needs a large yacht, because most other lenders
have a loan cap. Velez, based in Fort Lauderdale,
Quick stat
.002%
Radius Bank's
delinquency
rate for larger
yacht loans

Independent Banker - July 2018

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Table of Contents
Independent Banker - July 2018 - Intro
Independent Banker - July 2018 - Cover1
Independent Banker - July 2018 - Cover2
Independent Banker - July 2018 - Table of Contents
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