Derecktor Florida has received a US$5.6m loan from a local bank. The Florida Sun-Sentinelreported that the megayacht repair facility will use the money to buy equipment.
James Brewer, the company’s business development director, also said that the money would be used for modifications at its plant. Brewer said the loan would allow the yard to do refits more quickly.
The company has rebounded from pre-recession levels, according to Brewer, and now has the same number of clients. In 2012, it installed a 900-tonne travel lift to hoist yachts up to 180ft in length.
BankUnited, which approved the loan for the travel lift, was also the bank that approved the US$5.6m loan.
The paper said that BankUnited is particularly focused on the local marine industry. It accounts for much of South Florida’s jobs growth.
In December 2013, BankUnited closed on a US$60m loan to East Yard Partners and West Yard Partners to refinance the Lauderdale Marine Center, a boatyard and marina on a 50-acre facility.