SBA 7(a) Marina Feasibility Study in Florida

The nation's first marina market, at 2.39x

By count Florida is first among states for marina lending under 7(a), and the midpoint loan of $1.1 million is 2.39x the 7(a) marina figure nationwide, so a Florida marina borrower asks for far more than a marina borrower elsewhere. The 34 loans total $42.7 million, with a middle half from $175,000 to $2.1 million. Franchised loans are 17.6%. Marina is only 27 of 39 in Florida's own mix, so it is a small class in a big state.

Lenders and counties

Paradise Bank holds 10 loans worth $18.4 million, and Regions Bank holds 5 worth $7.4 million, both as SBA lists the present holder. Palm Beach County has 7 loans, Broward and Lee 4 each, and Indian River and Martin 3. Years began strong, 7 loans in FY2017 and 5 in FY2018, then fell to 1 in FY2022 and rose to 4 in FY2024.

Cancellations, and the withheld loss rate

Marinas in Florida lost at least 13.3% of approvals dated through FY2024 before funding, and the ceiling equals it. Permits for docks and dredging can stall a deal, which may explain part of that. Losses are left unpublished because the funded cohort was too small, and we do not substitute a number. Nothing in the coding limits this class, and the lessor note does not apply to it.

What a Florida marina study has to test

Marina revenue comes from wet slips, dry storage, fuel, service and a ship store or restaurant, and the study should state the mix. Show slip counts, waiting lists, current rates and the boat registrations in the county, with the competing marinas nearby. Waterfront permits, submerged-land leases, environmental rules and dredging history are gating items. Hurricane exposure is central in Florida: the study should present the wind and surge design of docks and buildings, the insurance cost, and the closure period after a storm. Test coverage after a storm closure and with a decline in boat purchases. Because loans reach $2.1 million at the upper quartile, the real estate and the submerged-land rights carry much of the value, and the appraisal must say what they would bring to another marine user.