Help finding financing on a slip....

[MedSailor]

My wife and I are planning on buying a slip for our boat. After all, currently all we have is a boat which people say is a hole in the water into which you throw money. That's not good enough we figure, why not have a real hole in the water that we can throw money into.

The big problem is that most banks we've asked give us the "Huh?" look. I could get a car, RV or boat loan for those items but for a slip since it doesn't fit into one of their little boxes it falls into "other" which has a huge interest rate.

Anyone know of banks that will loan on slips? Help finding one would be much appreciated.

MedSailor

[denverd0n]

I guess I'm a little surprised that you're having a problem. Here in Florida slips are sold as real estate (when they are sold). The specifics of the transaction vary, but generally the land underneath the water belongs to the state and you are buying a very long-term lease on it. Sort of like the way a lot of real estate is sold in Hawaii (where few people actually own the land that their house or condo is sitting on).

In any case, you get a mortgage for the slip. Most mortgage brokers in the Tampa Bay area can set you up. I would have thought it would be the same in the Seattle area.

[hellosailor]

Try asking the sponsors of the project who they have financed with. If it is a "dockominium" you may be able to finance it as a condominium arrangement. If you are buying the slip, but the land under it and bottom rights belong to someone else...might be a different story. But someone local who is familiar with the terms of the ownership rights and WA state laws on that probably is the best referral.

[Paul_L]

What kind of monthly fee 'usually' goes along with these Dockominum slips? A dollar range?

Paul L