People assume the floating home loan market works like the regular mortgage market — lots of lenders competing for your business, multiple rate quotes to compare online, a clear path to follow. The reality is the opposite. The lender pool for Sausalito floating homes is extremely small. After four decades doing this, I can tell you exactly who's in it: Bank of Marin, and a second lender my team works with directly. That's it for institutional financing. Both max out at $1,000,000.
This isn't a limitation I'm complaining about — it's a fact that explains everything about how floating home financing works. And it's the reason working with someone who has relationships inside both institutions is not optional.
Why the Pool Is So Small
Floating homes don't qualify for conventional mortgages. Fannie Mae and Freddie Mac — who backstop the vast majority of American home loans — require real property with a permanent foundation and clear land title. A floating home sits on a leased water slip; it's classified as personal property, often as a vessel. It fails secondary-market guidelines on multiple dimensions before a human even reviews the file.
Banks and lenders who sell their loans to the secondary market cannot do floating home loans. Full stop. That eliminates Wells Fargo, Chase, Bank of America, Quicken, Rocket, and essentially every bank you've seen advertised. The only lenders who can do this are institutions that hold their loans on their own books — and in the Sausalito floating home market, that's Bank of Marin and a second lender Paul works with directly.
Important: If someone tells you another bank or online lender can finance your Sausalito floating home, ask them to name the program and get it in writing. In our experience, these conversations end in declined applications and wasted time. The two lenders above are the institutional market for this product.
Lender #1: Bank of Marin
Bank of Marin is a Marin County community bank that has been active in floating home lending for many years. Because it holds its loans on its own balance sheet rather than selling them, it can write products that the secondary market won't touch.
Bank of Marin is typically the right fit for:
- W-2 employees with clean, easy-to-document income
- Credit scores of 700 or above (best pricing at 740+)
- Buyers with 20–25% down payment
- Standard floating homes at established docks with long slip leases
- Loan amounts up to $1,000,000
Rates run approximately 7.25%–8.5% as of August 2026, on 15–20 year fixed terms. These are portfolio rates — not the 30-year conventional rate you're used to seeing advertised.
Lender #2: A Second Lender — Contact Paul
We also work directly with a second institutional lender whose portfolio program covers floating homes. This lender underwrites with more flexibility than a traditional bank, which makes it a better fit for certain buyer profiles. We keep the details of this relationship private for now — reach out and Paul will tell you whether it is the right fit for your situation.
This second lender is typically the right fit for:
- Self-employed buyers or those with complex income (multiple streams, variable compensation)
- Credit scores of 680–700, where Bank of Marin may decline
- Buyers who want longer terms — up to 25 years
- Loan amounts up to $1,000,000
Down payment requirements run slightly higher at 25–30%, but the underwriting flexibility often more than compensates. Rates are comparable to Bank of Marin — approximately 7.5%–8.75% as of August 2026.
What Both Lenders Have in Common
Despite their differences, both lenders require the same core things:
- Marine survey — by a SAMS or NAMS certified surveyor, within 12–18 months. Steel-hull homes may require an additional haul-out inspection.
- Slip lease review — lenders want 5+ years remaining, with reasonable renewal rights and no unusual termination clauses.
- Full income documentation — two years of returns and/or W-2s; the second lender offers more flexibility on format for self-employed borrowers.
- Liquid reserves — typically 2–6 months of mortgage payments remaining post-close.
- Liveaboard insurance — must be in force at closing.
- Broker relationship — neither institution has a public-facing floating home loan application. Both work with established brokers who know the product.
The $1,000,000 Cap
Both lenders max out at $1,000,000 in loan amount. For a floating home priced above approximately $1.25 million (at 20% down), the financing doesn't work — at least not through institutional lending. Buyers in that price range either need to bring more cash to close or explore other structures. This is worth knowing before you fall in love with a home you can't finance the way you're planning.
Why You Need Us in the Middle
The in-between is where our value lives. We know both lenders well. We know which one fits your income profile, credit score, and property type before we submit anything. We write the purchase offer with the loan already in mind. We've been placing floating home loans through these institutions for decades — and that track record is what makes your file move.
Going direct to either lender — if you could even find the right contact — puts you in the position of an unknown buyer asking for an unusual product through channels that aren't set up for retail floating home applications. The result is usually confusion and delay.
One call with us tells you which lender fits your situation, what you need to bring to the table, and what to expect. Call Paul at (415) 332-7539 or reach out below.
Two lenders. We work with both. One call.
Paul Bergeron will tell you exactly which lender fits your situation and what you need to get there. Call (415) 332-7539 or reach out below.