Sausalito, California · On the docks since 1984
Most banks won't write a mortgage on a floating home or houseboat. Paul Bergeron is the only Sausalito real estate broker who is also a licensed mortgage broker — so one person handles both finding your home and getting it financed.
The problem with floating-home loans
A floating home isn't a house on land and it isn't a boat you cruise around the bay. It's a permanent residence that sits on the water on a leased berth — and that in-between status is exactly why conventional lenders back away. Fannie Mae and the retail banks want a permanent foundation and clear title to the land underneath. A floating home has neither, so the mortgage products most buyers assume they'll use simply don't apply.
Financing a floating home instead runs through a small pool of specialty marine lenders, portfolio lenders, and private lenders who actually understand flotation systems, harbor leases, and the difference between a floating home and a houseboat. Finding them, and knowing which one fits your specific home and dock, is the whole game.
How the process works
Floating home or houseboat? Owned berth, leased slip, or co-op share? The classification determines which lenders and loan programs are even available — so it's the first thing to nail down.
Marine loans, chattel loans, liveaboard loans, portfolio loans, private lending — each fits a different home, dock, and buyer. A broker who works this niche knows which lender is most likely to approve and fund your purchase.
Expect a survey or inspection of the flotation, proof of insurance, the berth or slip lease, and standard income and credit verification. Getting these right up front is what keeps the loan on track.
Because Paul writes the offer and arranges the loan, there's no handoff gap where financing deals usually fall apart. The purchase and the mortgage move together.
Why Paul
Paul Bergeron is a licensed real estate broker (DRE #01356345) and a licensed mortgage broker (NMLS #399152). Most agents hand the loan off to someone who's never financed a floating home. Paul doesn't.
Four decades on the Sausalito docks means Paul already knows the specialty marine and private lenders who fund floating-home purchases — and how to position your file so they say yes.
Flotation systems, harbor leases, co-op shares, houseboat vs. floating home — Paul has personally owned over 20 floating homes and closed 50+ transactions. He knows what makes a loan approvable here.
Floating home financing FAQ
Straight answers on mortgages, houseboat loans, down payments, refinancing, and why the niche demands a broker who also handles the financing.
Sometimes, but not usually through a conventional lender. Most floating homes are legally classified as personal property or as a vessel rather than as real estate with a permanent foundation, so the big banks that write ordinary home mortgages often decline them.
Financing typically comes from specialty marine lenders, portfolio lenders, and private lenders who understand floating-home ownership. The right loan depends on the dock, the berth or slip arrangement, and the age and condition of the home — which is why it pays to work with a broker who arranges these loans regularly.
Start with a lender who specializes in floating homes and houseboats rather than a standard bank. You'll generally need documentation of the berth or slip lease, a survey or inspection of the home and its flotation, proof of insurance, and the usual income and credit verification.
Because so few lenders write these loans, the fastest path is to work with a broker like Paul Bergeron who already has relationships with the marine and private lenders that fund floating-home purchases in Sausalito and Marin County.
Conventional mortgages are written against real property with a permanent foundation and clear title to the land. A floating home sits on the water on a leased berth or slip, so it doesn't fit the collateral model that Fannie Mae, Freddie Mac, and most retail banks require.
Lenders also weigh the moving parts unique to floating homes — the flotation system, the age of the hull or concrete float, and the terms of the harbor lease. Specialty lenders price for those factors instead of rejecting the loan outright.
The most common options are marine or chattel loans (secured by the home as personal property), portfolio loans held on a lender's own books, liveaboard loans for owners who reside on the water full time, and private lending arranged through a broker.
Each has different down-payment, term, and rate expectations, and the best fit depends on the specific home and dock. A broker who works this niche can match you to the lender most likely to approve and fund your purchase.
Down-payment requirements for floating homes are generally higher than for a conventional house, because the lender pool is smaller and the collateral is specialized. Expect specialty and private lenders to ask for a larger share down than a typical land-home mortgage, with the exact figure depending on the lender, the home, and the harbor.
Because terms vary so much between lenders, the most reliable way to know what you'll need is to have a broker shop your specific scenario. Ask Paul for a current read on your situation.
Yes. Floating homes can be refinanced to lower a rate, change loan terms, or pull equity — but as with a purchase, you're working within the same small pool of specialty and private lenders.
Whether a refinance makes sense depends on your current loan, the value of the home, and the harbor lease. A broker who arranges floating-home loans can compare your existing terms against what today's lenders will offer.
In Sausalito the terms aren't interchangeable. A floating home is a permanent, non-navigable residence rooted to a berth and connected to shore utilities, while a houseboat can be moved under its own power. That distinction changes how a lender classifies the collateral and which loan programs apply.
Getting the classification right up front is essential to lining up financing, and it's one of the first things a specialist confirms before pointing you to the right lender.
Floating-home financing is a niche inside a niche, and most agents hand the loan off to a lender who has never funded one. Paul Bergeron is the only Sausalito floating-home broker who is also a licensed mortgage broker (DRE #01356345, NMLS #399152), so one person handles both the purchase and the financing.
That means the offer is written with the loan in mind, there's no gap between agent and lender, and the deal is far less likely to fall apart over financing surprises unique to life on the water.
Talk to the one broker in Sausalito who handles both the purchase and the loan. Paul Bergeron has been on the docks since 1984.