Shawbrook Commercial Vessel Finance - Current Rates
| Finance Type | APR Range | Max Term | Max LTV | Min Loan | Typical Use |
|---|---|---|---|---|---|
| Hire Purchase (HP) | 6.5%–10.5% | 7 years | 70% | £50,000 | Ownership at end of term |
| Finance Lease | 6.5%–10.5% | 7 years | 70% | £50,000 | Off-balance-sheet option |
| Refinance / Equity Release | 6.5%–10.5% | 7 years | 70% | £50,000 | Release capital from existing vessel |
Rates correct as at October 2026 and subject to change. Individual rates depend on business profile, vessel type, LTV and term. Business lending - no consumer credit regulations apply.
About Shawbrook Commercial Vessel Finance
Shawbrook Bank is a specialist UK challenger bank that has built a strong reputation in asset finance for businesses that don't fit the mould of mainstream banking. In the commercial vessel space, Shawbrook is a useful option for businesses with slightly complex profiles - younger trading histories, non-standard vessel types, or situations where a relationship bank has declined. Their rate range of 6.5%–10.5% APR reflects this risk-adjusted approach: straightforward applications from established businesses attract the lower end, while more complex cases price accordingly. Shawbrook focuses on hire purchase and finance lease structures and applies a genuine credit team review to each case rather than automated scoring. This makes them particularly useful for vessels used in niche commercial sectors: dive support, survey, pilot craft, dredging tenders, and similar specialist applications. Their 7-year maximum term is shorter than Close Brothers or Lombard, which will increase monthly payments on equivalent borrowing, but their flexibility on business profile and vessel type compensates for many borrowers. Shawbrook requires MCA coding or equivalent for commercially operated vessels and will want to see valid Certificates of Competency for the vessel operator.
Commercial Vessel Registration & MCA Requirements
All commercial vessels financed through Shawbrook must comply with UK maritime regulatory requirements. Key points for borrowers:
- MCA Coding: Commercially operated vessels carrying passengers or crew must hold the appropriate MCA Coding Certificate for their area of operation (Codes 1–6). Lenders will verify this before drawdown.
- Part I Registration: Most lenders prefer Part I registration on the UK Ship Register, which provides clear legal title and supports the lender's security interest. SSR is acceptable for some vessel types.
- SSR Registration: The Small Ships Register is acceptable for fishing vessels and some workboats. Part I is preferred for vessels over 24m.
- Marine Survey: An independent survey from an MCA-recognised surveyor is required for all commercial vessel finance applications. Survey costs are typically borne by the borrower.
UK Seafood Fund & Fishing Vessel Grants
If you are financing a fishing vessel, the UK Seafood Fund (administered by Defra and the devolved authorities) provides grant funding for vessel upgrades, energy efficiency improvements and safety equipment. Grant funding can often be combined with commercial vessel finance - the grant covers capital expenditure while finance covers the vessel purchase. Speak to Doulton Bridging Finance about structuring a combined finance and grant arrangement.
Strengths of Shawbrook for Commercial Vessel Finance
- Challenger bank with genuine credit flexibility for non-standard business profiles
- Experienced with specialist vessel types: dive support, survey, pilot craft
- Human underwriting rather than automated scoring
- Useful alternative when mainstream lenders have declined
- HP and finance lease both available
Limitations to Consider
- 70% LTV - requires a 30% deposit or equity contribution
- 7-year maximum term - higher monthly payments than longer-term lenders
- Minimum £50,000 - not for smaller vessel purchases
- Rates at the higher end of the market for complex cases (up to 10.5% APR)
Compare Shawbrook Against the Whole Market
| Lender | APR From | Max Term | Max LTV | Min Loan |
|---|---|---|---|---|
| Close Brothers | 5.9% | 10 yrs | 80% | £25,000 |
| Lombard | 5.5% | 10 yrs | 75% | £50,000 |
| Shawbrook | 6.5% | 7 yrs | 70% | £50,000 |
| United Trust Bank | 6.2% | 10 yrs | 75% | £50,000 |
| Aldermore | 6.8% | 7 yrs | 70% | £50,000 |
| Together | 7.5% | 7 yrs | 70% | £50,000 |
| Rankin | 8.2% | 15 yrs | 80% | £10,000 |
| Funding Circle | 7.9% | 5 yrs | 70% | £10,000 |
Highlighted row = Shawbrook. Source: Doulton Bridging Finance lender panel, October 2026.