Does this seem like you have watched this movie before?
Well, it’s similar to what you saw last week with some tweaks and you get to join experienced and vetted Charter Business Partners aboard a 2017 Lagoon 52 “SEA RUNNER ONE” in the British Virgin Islands!
Last week, May 11, 2018 we announced the offer for sale of 1 outstanding 20% share in the LLC that was purchasing a brand new 2019 L 52 “Sea Runner II”. That was a unique chance to join the four other vetted Owners and act as the fifth partner aboard Sea Runner II in Tortola, British Virgin Islands. Within 24 hours the slot was sold!
We did know it was a damn good deal and all seemed to agree with us. To say that we were swamped would be an understatement. We had over 150 serious clients express immediate interest in the program. We decided not to even send the follow up e-blast as we weren’t sure we could handle any more inquiries.
Instead we decided to break down our responses into groups of 10 so proposals were sent to the first 10 clients who inquired with the intention of follow up calls to each client. Unfortunately for 149 people, only one phone call was actually made. The first client who received the call bought the open slot so we apologize to all of those others who inquired but did not get additional information until now! Click here to fill out form to speak with partners
This week, May 19, 2018 we have been diligently working with the current partners again for a second boat and we invite you to please fill out the form if you wish to discuss with the Partners. Click here to fill out form to speak with partners
We have put together another opportunity especially for you. The concept is exactly the same. You will be guided with the same VETTED and EXPERIENCED PARTNERS and Management Company in Tortola, BVI. We are now offering you a chance to own a slot in 2017 Lagoon 52 F ‘Sea Runner One’. This is a great offer to act as charter business with partners who know already how to do it!
The Financial Details:
- Each 1of 5 partner buys 20% of the LLC, whose only asset is “Sea Runner ONE”.
- The specifications for Sea Runner II are attached but in summary, she accommodates a total of 10 guests in 5 cabins each with an ensuite head and shower. She has a full fly bridge and is fully air-conditioned.
- Each partner is required to makes a $45,000 down payment upon signing the agreement and a further $45,000 in August 2018 when “Sea Runner ONE” will be delivered to Tortola, BVI.is launched. No other capital payments should be required.
- There is no requirement for a partner to raise any financing on the vessel.
- There are no personal guarantees required from any of the partners.
- Catamaran Sales Inc. (CSI) will provide financing for the balance of the purchase price with a commercial mortgage based on a 15 year amortization.
- Based on previous cats owned in a similar partnership, the catamaran is sold for around 50% of the original purchase price.
- Upon the sale of the vessel each partner should receive around $40,000 to $50,000.
The Charter Operation Details:
- A 3 year Charter Management contract has been signed with Catamaran Charters Ltd. (CCL) in the BVI to manage, maintain and charter the vessel. CCL will arrange all dockage, insurance and other services for the LLC.
- A further 2 year extension of the charter management agreement can be put in place after the expiration of the first 3 year contract.
- Based on past performance and projections, the charter revenue generated by paying guests who charter the vessel will be sufficient to cover all costs of the mortgage, dockage, maintenance, insurance etc.
- Each partner does remain liable for his share of any revenue shortfall should the vessel not perform as expected.
- Each partner is entitled to 2 weeks of usage booked in advance each year.
- A partner may use additional weeks if the vessel is not pre-booked by a paying guest or other partner 30 days in advance.
- Each partner is responsible to pays the Owners turnaround costs to include the cost of fuel, cleaning, water etc.
- Each charter week on the vessel retails for around $15,000.
- Each partner averages around 10 to 15 weeks over the life of the partnership, a benefit of approximately $200,000.
“Sea Runner ONE” is a 2017 Model L 52 that was purchased by the same LLC and went into charter in the BVI. She had only been in charter for a few months when Hurricane Irma blew through and she was damaged last September and lost amongst other equipment her mast and rigging. It was not felt that repairs could be carried out in the BVI to the high standard required so she was immediately patched up and was the first vessel to leave the BVI under her own power to motor back to Florida to have her repairs carried out by the official US Lagoon Warranty Center in Ft Lauderdale. In fact, she was the first Lagoon to actually have her repairs started and the first to have them completed. While in Ft Lauderdale she was upgraded with over $200,000 in additional options including teak decking, a new, white-painted mast and matching white carbon fiber canoe boom, white carbon fiber steering wheel and white hydraulic dinghy Tenderlift. In fact the only 2 Lagoon 52’s in charter with a Tender lift are the “Sea Runners”! As the repairs were carried out by the official Lagoon Warranty Center, The Catamaran Company, the world’s largest Lagoon dealer, has agreed to provide a full 12 month warranty on not only the repairs but on the entire vessel.
The Tax Benefits:
Each partner generates between 5 and 7 years of depreciation worth approximately $50,000 in a K-1 loss per year, a total of between $125,000 and $150,000 in total over the program.
What’s the next step?
If you feel this program might be on interest to you then the next step is to speak directly to one of the partners and not simply take our word for it. After all, they may become your partner so it’s better that you hear about this program, their experiences and how they feel it really works directly from them so please let us know and we will set this up for you.