Marina Loans
We are pleased to offer marina loans for the purchase or refinance of marina properties nationwide. Select Commercial specializes in lending to small business owners who own their own properties. Many small business owners find that they have trouble obtaining traditional bank loans due to their company’s size, specialized property type, credit rating, or difficulty producing tax returns. In addition, if you are starting up a new business or expanding an existing business, it may be possible for us to use projection based income in order to qualify. Traditional banks can’t match the ability we have to “stretch the guidelines” to help your business grow. These loans have always been a large portion of our business. We actively lend on gas stations, restaurants, hotels and motels, bed and breakfasts, laundromats, service stations, bowling alleys, movie theaters, golf courses, marinas, retail stores, independent groceries, franchises, auto repair, manufacturing plants, liquor stores, health clubs, self-storage, mini-storage, parking garages, campgrounds, recreational facilities, RV parks, and many other single purpose properties. Let us help you start, purchase, refinance or grow your business! Our minimum loan size is $1,500,000.
Our Marina Loan Benefits
• Commercial real estate loans for marinas
• No upfront application or processing fees
• Simplified application process
• Up to 75% LTV, 90% with SBA
• Terms and amortizations up to 25 years
• Loans for purchase and refinance, including cash-out
• 24 hour written pre-approvals with no cost and no obligation
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Marina Loan Outlook for 2024
The real estate market has evolved significantly over the past few years, and the outlook for marina loans in 2024 is influenced by a variety of factors including economic conditions, consumer preferences, and advancements in technology. As we look ahead, investors and lenders are focusing on stability, growth potential, and the changing demands of the recreational boating industry.
One of the major trends shaping the marina market in 2024 is the growing interest in recreational boating and water-based activities. With more people seeking leisure activities that allow them to enjoy the outdoors, marinas are experiencing increased demand. This trend is driven by the overall economic recovery, rising disposable incomes, and a renewed interest in outdoor recreation. As a result, marinas are seeing higher occupancy rates and increased revenue opportunities.
Commercial mortgage rates for marina loans in 2024 remain competitive. While interest rates have seen some adjustments due to the Federal Reserve's efforts to manage inflation, they are still relatively low by historical standards. This environment is favorable for businesses looking to secure financing for new marina developments, expansions, or renovations. Lenders are generally optimistic about the marina market, focusing on properties that demonstrate strong occupancy and revenue growth.
The ability to secure attractive financing terms will depend significantly on the location and financial stability of the marina. Properties in high-demand areas with a steady flow of boaters are more likely to receive favorable loan terms. Conversely, marinas in less trafficked areas or those still struggling to regain pre-pandemic levels of business may face challenges in obtaining financing.
Technological advancements and the rise of eco-tourism are also influencing the marina market. Many marinas are adapting to these changes by offering advanced digital services, eco-friendly facilities, and sustainable practices to attract environmentally conscious boaters. Lenders are increasingly looking favorably upon marinas that embrace these innovations and sustainability practices.
The importance of adaptability and diversification in the marina industry cannot be overstated. Many marinas have expanded their offerings to include amenities such as boat rentals, marine repair services, and waterfront dining to attract a broader customer base. Lenders in 2024 are looking favorably upon businesses that have diversified their revenue streams and demonstrated resilience and innovation in their operations.
Overall, the outlook for marina loans in 2024 is positive, with continued opportunities for businesses to leverage competitive commercial mortgage rates and reinvest in their facilities. However, careful consideration of market conditions, location, and financial health is essential to maximize the benefits of securing a marina loan in the coming year.