Loan & DebtJun 26, 2026, 05:06 PM
NextBoat Inc. Secures $2.0M Inventory Loan at 15% Interest
AI Summary
NextBoat Inc. and its subsidiary, Off The Hook Yacht Sales NC, LLC, secured a Master Loan Agreement with RLLT Capital, LLC to finance pre-owned boat inventory. The initial loan amount is $2.0 million, bearing a 15.0% annual interest rate, a 1% origination fee, and a 5% profit participation. The transaction is considered related-party due to a personal guarantee and stock pledge by Jason Ruegg, the company's President and controlling shareholder, securing the obligations with shares valued at not less than $5.0 million.
Key Highlights
- NextBoat Inc. and Off The Hook Yacht Sales NC, LLC entered a Master Loan Agreement with RLLT Capital, LLC.
- The agreement provides financing for pre-owned boat inventory, with an initial loan of $2.0 million.
- Loans bear simple interest at 15.0% per annum and mature within 180 days or upon boat sale.
- Borrowers pay a 1% origination fee and 5% profit participation on gross profit from boat sales.
- Loans are full-recourse, unsecured obligations of the borrowers.
- Jason Ruegg, President and controlling shareholder, provided a personal guarantee and pledged shares with a collateral value of at least $5.0 million.
Price Impact
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