It can be a challenge to find a good loan for a marina property. There are a few great options, though. Learn more.Better Financing Starts with More Options$1.2M offered by a Bank at 6.0%$2M offered by an Agency at 5.6%$1M offered by a Credit Union at 5.1%Click Here to Get Quotes
There's nothing quite like a day out on the water, and, with over 20 million boat owners in the U.S., many people tend to agree. In 2017, marinas and boatyards generated an estimated $5 billion in revenue, while employing over 35,000 people across the country. Plus, experts suggest that the marina business is likely to improve in coming years, as a result of Americans enjoying an increase in their disposable income. So, if you're looking to get financing for your marina business, Commercial Real Estate Loans is ready and waiting to help.
Marina Loan Terms
In general, our marina loan terms include:
Loan Size: $1 million+
Loan Purpose: Loan can be used for property acquisition or refinancing, but cannot be used for business only-financing
Loan Term: 3, 5, 7 and 10-year fixed-rate terms
Amortization: 15, 20, 25 and 30-year options
Leverage: 55%-75% LTV allowance
DSCR: 1.40 minimum DSCR
Credit Score Requirement: 660 minimum
SBA Loans for Marinas
While privately-insured loans are common in the marina industry, the SBA 7a and SBA 504 loan programs are also incredibly effective ways to finance your marina or boatyard. With SBA loans, marina owners can purchase property, buy equipment and get working capital for their business. That makes these loans significantly more versatile for business owners who need more than just property to jumpstart their business growth. While SBA loans have a lot of benefits, they do have stricter requirements than most other kinds of financing, including increased credit score requirements.
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