Lost Boat Loan

Well, this just blows. Got a call from the bank that I thought I had a loan from. Three weeks later, I found out they will not do a boat loan without the physical boat in possession. The issue with j70s is that they are made to order. I am not sure if it is the case, but the perception that I have is that the bank just did a bait and switch with me. What the loan officer offered was a home equity loan 3.69%. With the Bush/Obama economy, why would I want to secure a boat with real estate?

My choice in the bank originally for the boat loan was based on the premise that I wanted to drive down to the bank and talk to someone. There is value in being able to talk to someone face to face.

My quest for a j70 still continues. Just that I will restart researching other lenders.

Time to start shopping around.

Update: Actually learn something later. What I am asking for is what is called a construction loan. Most banks do not do construction loans. I wished that someone had explained that to me three weeks ago. Essentially, what this means is that I have to front the money till the boat is built then get the loan. What a pain.