Closing On The Loan- let’s buy a big sailboat!

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We came up with an idea of how to create the lifestyle we want to live about four years ago. It was set into motion shortly after and is FINALLY coming to fruition. The idea is using a day sailing business to share with people from around the world the magic of a tiny paradise island called Vieques.
The idea was carefully constructed to help us finance the dream. A luxury sailing catamaran that we can use to generate an income during day shift (doing something we love) and will give us the freedom to travel with our kids in off season. I had a very clear image of what I wanted to create and was very stubborn in holding onto that precise dream. Despite my closest confidants, and even Tomas at times, suggesting smaller alternatives to start with, I was relentless in my pursuit of this exact plan.

I LOVE Puerto Rico!!
Much like other affairs in love, Puerto Rico has her easy to love characteristics and also A LOT of not-so-easy-to-love flaws. There are a lot of challenging pieces to the puzzle of starting a business in PR and especially when the whole system is foreign.
“Foreign” meaning not exactly how things go down state side. State-side, the mayor will not want to meet you face to face prior to releasing a needed letter to start a new business in town. States don’t require you to hand deliver payments and applications for permits. In the states most things can be done online and “tomorrow” really does mean the next day! Lol.

However, we have overcome the obstacles thus far and we finally got a date for closing. In addition to the saga to secure a closing date, another of the various obstacles has been that we need permits from the Department of Natural Resources and the Environment and also from the Tourism Company. Neither agency will allow us to submit the applications and payments via snail mail nor electronically, they must be hand delivered to their offices and we must have the vessel prior to submitting them.
The bank (and we) wanted to have the permits to begin operations as soon as we purchase the vessel. The bank has made a provision to give us thirty days to obtain the needed permits after the purchase of the vessel and are withholding the working capital portion of the business loan until after we have the permits.
We now have all the information specific to the vessel and also have insurance on the vessel that we don’t own yet. We are taking advantage of the trip to close with the bank to also hand deliver the applications for the permits.
We now discovered that we must take a basic navigation course that is only offered once a month in San Juan. It is a 5 day course at night and we need it to obtain the Natural Resources permit and thus the subsequent access to our working capital from the bank loan.
So we will be flying back to PR next month to take the course but in the meantime we can close electronically on the boat!!!!!

3 Responses

  1. So proud of you two! Way to go! What a pain in the butt PR is 😉 Love to you both!

  2. la isla del encanto

  3. Keep pushing forward. Your rewards will be well worth the heartache! You guys can overcome any obstacle together.