The Real Story · August 2026
The floating home loan market is tiny. There are two institutional lenders: Bank of Marin, and a second lender Paul works with directly. Both max out at $1,000,000. We work with both — and we're the in-between that gets you to the right one.
Data current as of August 2026. Call Paul at (415) 332-7539 for current rates and terms.
Why this matters: Most real estate agents don't know who actually lends on floating homes. Many buyers waste weeks chasing banks that can't do the loan. Knowing upfront that the pool is exactly two lenders — and that both require an established broker relationship — is the insight that saves your transaction.
Side-by-Side Comparison
| Factor | Bank of Marin | Second Lender — Ask Paul |
|---|---|---|
| Lender Type | Community bank — holds loans on own books | Portfolio lender — call Paul for details |
| Max Loan Amount | $1,000,000 | $1,000,000 |
| Rate Range (Aug 2026) | ~7.25%–8.5% | ~7.5%–8.75% |
| Loan Terms | 15–20 yr fixed | 15–25 yr fixed |
| Min Down Payment | 20–25% | 25–30% |
| Min Credit Score | 700+ | 680+ |
| Marine Survey | Required (SAMS/NAMS certified) | Required (SAMS/NAMS certified) |
| Slip Lease Requirement | 5–10+ yrs remaining | 5+ yrs remaining |
| Self-Employed Borrowers | Possible with strong documentation | More flexible — call Paul for details |
| Retail Access | Broker relationship required | Broker relationship required |
| Best For | W-2 buyers, 700+ credit, standard homes | Self-employed, 680+ credit, longer terms needed |
Rates are indicative ranges for well-qualified borrowers as of August 2026. Individual rates depend on credit score, down payment, home condition, and slip lease terms. Call Paul for current quotes specific to your situation.
Neither Bank of Marin nor the second lender has a floating home loan product sitting on their website. These programs run on broker relationships — built over decades of placing loans and developing trust with the specific people inside each institution who understand this asset class.
When Paul submits your file, it arrives framed correctly, with the supporting documentation each lender expects, to the specific underwriter who knows how to approve it. That's a fundamentally different experience than calling the main branch number and asking if they do floating home loans.
The Two Lenders
Bank of Marin is a community bank that has been active in Sausalito floating home lending for many years. It holds its loans on its own books rather than selling them to the secondary market — which is what makes floating home financing possible in the first place. Fannie Mae and Freddie Mac don't buy these loans; banks that sell everything to them can't make them.
Bank of Marin is typically the right fit for buyers with solid W-2 income, strong credit (700+), and a standard floating home at a well-established dock with a long lease. Rates are competitive for what this market offers. Terms run 15–20 years on fixed rates.
Key requirements:
Paul works directly with a second institutional lender that also holds an active floating home portfolio. We are keeping the details of this relationship private for now. What we can say: this lender's underwriting is more flexible than Bank of Marin's, making it the better fit for self-employed buyers, borrowers in the 680–700 credit range, or buyers who want a longer loan term.
This lender tends to work better for buyers who are self-employed or have variable income, want a 25-year term, or have a credit score in the 680–700 range. It runs more conservative on down payment (25–30%), but the underwriting flexibility often makes up for it. Call Paul to find out if this lender is the right fit for your situation.
Key requirements:
What Every Lender Needs
Both lenders evaluate floating home loans on a consistent set of criteria. Understanding these before you start your search prevents surprises.
| Factor | What Both Lenders Require | Paul's Role |
|---|---|---|
| Marine Survey | SAMS or NAMS certified surveyor, within 12–18 months. Steel hulls may require haul-out inspection. | Recommends experienced surveyors; reviews results before submission |
| Slip Lease | 5+ years remaining, reasonable renewal rights, no unusual termination provisions | Reviews lease before offer — flags issues before they become deal-killers |
| Income Documentation | 2 years tax returns and/or W-2s; bank statements for self-employed | Advises on how to present complex income; matches borrower to the right lender |
| Credit Score | 680–700+ minimum; 740+ for best pricing | Reviews credit early and advises on quick improvements if needed |
| Reserves | 2–6 months of mortgage payments in liquid reserves post-close | Accounts for reserve requirement in purchase planning |
| Insurance | Liveaboard/vessel insurance in force at closing | Connects buyers with liveaboard insurance specialists |
One call with Paul tells you which lender fits your profile and what you'll need to bring to the table. No wasted weeks, no wrong-number dead ends.
Paul Bergeron · (415) 332-7539 · DRE #01356345 · NMLS #399152