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Policy for the Financing of Boat Docks/Slips

I am searching for a policy for the financing of boat docks/slips. Senior management is at odds with one another over whether it is prudent to require the real estate adjoining the dock or if the asset itself is marketable. One senior manager argues that the permit is the value in the asset? So we are looking for a sample policy on this, and any insights from those familiar with such loans.

by Andy Zavoina:

While your BOL Gurus don't have sample polices your peers may. So I would refer you to the BOL threads to network with banks which may address this in a policy. I suspect there may be a convergence between state laws, ingress/egress requirements, and lien perfection in the answer to your question.


by Richard Insley

Since the purpose of such a policy should be to prevent loan losses that will result from inadequate credit evaluation and/or collateral, much of the policy will hinge on legal counsel's advice about the documentation necessary to perfect whatever liens are possible.

First published on 12/12/2021

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