Marina Feasibility Study in Florida

First in the nation for marinas

Florida is where marina lending concentrates. The state ranks 1 of 43 for marina loans, and the location quotient of 2.11x means marinas take roughly double their national share of Florida approvals, even though the class sits at 27 of 39 within the state's own asset mix. SBA approved 46 marina loans between FY2017 and FY2026, worth $61.6 million. The median of $1.1 million runs 1.79x the median marina loan elsewhere in the country, and the middle half of loans spans $250,000 to $2.1 million. Its character comes from rank, concentration and size.

Banks and counties

The 7(a) program carried 34 loans and 504 carried 12. Paradise Bank leads with 10 loans and $18.4 million, an average well above the cell median, and Regions Bank follows with 5 loans and $7.4 million. No development company reaches the listing line. Franchise loans are 17.4% of the cell. Palm Beach and Pinellas counties have 7 loans each, while Broward and Lee have 4 each.

A weak calendar and high cancellations

Annual volume is modest and jumpy, from 4 loans and $10.2 million in FY2020 to only 2 loans and $1.3 million in FY2023, then 8 loans and $7.9 million in FY2024. Cancellations are the sharpest feature of the risk record: 23.1% of marina approvals through FY2024 were pulled at minimum, and the ceiling rises to 25.6% once undisbursed loans are counted. Loan Analytics does not publish a loss rate for marinas; the early funded cohort is too small.

Proof a marina plan has to carry

A marina is real estate plus operations, and a Florida study has to test both. Begin with the water: depth, dredging needs, permits from state and federal agencies, and the condition of seawalls and docks. Then size demand with slip occupancy, waitlists and rates at nearby marinas, along with fuel, storage and service income. Hurricane exposure and insurance cost can change the economics, so the budget needs a storm case. With a median of $1.1 million, coverage should be shown on seasonal revenue, not an annual average. The appraisal values the waterfront site and its entitlements, which is why the cancellation floor should alert a sponsor to permit and valuation risks before closing.