RedactedNarrative: V1 operator advised they had just launched and gotten on plane when complete steering control was lost and V1 made a 90 degree left turn causing a collision into the shoreline.  
  
  Upon striking the shoreline, V1 made a 90 degree turn to the right and traveled approximately 30 yards before stopping.  
  
  Operator advised that as soon as steering control was lost, he shifted into neutral and let off the hotfoot throttle.  Damage began on the bow between the bow eye and rub rail and ran down the hull on the port side.  Damage was noted on the hull, lifting strakes and keel. Damage was also noted on the port side chine toward the stern and around the drain plug. Upon inspection the hydraulic steering arm was loose and there was slack when turning the wheel.