Peapack-Gladstone Financial and Peapack Private entered into the yacht financing business, further expanding the bank’s suite of customized lending solutions for high-net-worth individuals, families and their advisors. As part of the launch, Peapack Private has hired industry veterans, Jim Velez, and Derick Buffum, to lead the new yacht financing team.
Velez brings more than four decades of specialized yacht finance experience to Peapack Private, with a proven track record of building and leading successful yacht lending businesses. Buffum brings extensive expertise in yacht lending, credit and underwriting, with significant experience structuring complex financing solutions for ultra-high-net-worth clients. Together, they bring complementary expertise spanning business development, credit, underwriting, portfolio management, and the development and execution of specialized yacht lending programs.
The new business complements Peapack Private’s relationship-based approach to banking and wealth management, providing clients with financing strategies designed to preserve liquidity and align significant yacht acquisitions with their broader financial and wealth objectives. The team will offer customized financing for new and pre-owned yachts, including acquisition financing, refinancing, ownership transitions and other tailored structures.
“Our strategy has always been to enter specialized businesses with exceptional people who bring deep expertise, strong relationships and a proven ability to execute,” Doug Kennedy, president and CEO of Peapack Private, said. “Jim and Derick have spent their careers in specialized lending and understand the yacht finance market from origination and relationship development through underwriting, structuring, and portfolio management. Their experience gives us the opportunity to build this business the right way from day one, while bringing clients the responsiveness, creativity and highly personalized service that define Peapack Private.”
The bank’s yacht financing team will work closely with clients and their advisors, as well as yacht brokers, marine professionals, attorneys and insurance specialists, to provide coordinated execution throughout the financing process. Clients will also have access to Peapack Private’s broader private banking, commercial banking and wealth management capabilities, allowing yacht financing to be considered as part of a comprehensive financial relationship.
“Clients making significant lifestyle and investment decisions expect their financial institution to understand the complete picture,” Velez said. “Peapack Private’s relationship-driven culture and ability to deliver customized solutions create an outstanding platform for building a premier yacht financing business. Derick and I are excited to join the organization and bring this capability to clients and partners across the industry.”
Buffum added, “Yacht financing is a highly specialized business where experience, responsiveness and execution matter. We believe Peapack Private offers an ideal combination of personalized service and institutional strength, and we look forward to developing long-term relationships with yacht owners, brokers and other marine industry professionals.”
