Peapack-Gladstone Financial Corporation and Peapack Private have announced their entry into the yacht financing sector, broadening the bank’s suite of customized lending options for high-net-worth individuals, families, and family offices.
To spearhead the new division, Peapack Private has recruited industry veterans Jim Velez and Derick Buffum to lead the Yacht Financing team. Velez brings more than 40 years of specialized experience in building and managing yacht lending operations, while Buffum adds deep expertise in credit, underwriting, and structuring complex financial solutions for ultra-high-net-worth clients.
The new capability is designed to integrate large-scale lifestyle and marine investments into clients’ broader wealth management and liquidity strategies. The team will deliver tailored financing structures—including acquisitions, refinancings, and ownership transitions—for both new and pre-owned vessels.
“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.”
Operating as part of Peapack Private’s relationship-driven banking model, the yacht financing team will coordinate closely with clients’ legal, tax, and advisory networks, alongside yacht brokers and marine specialists.
“Yacht financing is a highly specialized business where experience, responsiveness, and execution matter,” Buffum noted. “We believe Peapack Private offers an ideal combination of personalized service and institutional strength.”
