Operating evidence and financing
What this package helps you examine
Marina financing depends on both operating income and the rights needed to use the land and water. A borrower may own upland real estate while relying on separate submerged-land leases, permits or concessions. Connect each revenue stream to its physical capacity and enforceable operating horizon before assuming it supports a long-term mortgage.
Map income to the rights that support it
Identify wet slips, dry storage, service areas, fuel, retail and other activities. Map each to the relevant land, water, access and operating rights. Read expiration, renewal, assignment and mortgage-consent provisions with counsel. Florida DEP's submerged-land guidance illustrates a jurisdiction-specific process; it does not set national lease terms or prove that a different state's marina rights can be transferred.
Separate service margin from real-estate receipts
Build distinct schedules for slip or storage rent and ancillary activities. Fuel sales and repair services carry costs that cannot be ignored by treating gross receipts as property NOI. Reconcile deposits, prepaid seasonal contracts, cancellation obligations and actual collections. State whether the model represents real estate leased to an operator or an integrated operating business and eliminate internal rent if consolidating.
Price maintenance, weather and downtime
Connect docks, seawalls, dredging, electrical service and other identified capital needs to professional findings, permits and actual responsibility. Schedule work during the period it can occur and the revenue lost while facilities are unavailable. Insurance proceeds and permit approvals are conditional sources or events until confirmed; neither should automatically offset a current repair payment.
Use the workbook
- Use Assumptions!D5 for Base (1) or Downside (2), and the labeled scenario input rows. Enter source data in Berth and Service!D10:L21; preserve formula cells and an untouched workbook copy.
- The revenue line combines berth/storage receipts with service gross profit after direct cost of goods; do not deduct those service costs again. Wet slips and dry racks are separate inventories. Actual operating rights require separate diligence.
- Reconcile Operations to Summary. Apply the entered lender adjustment separately to the modeled cash flow. Sizing uses amortizing debt service, while first-year payments reflect the entered interest-only period.
- In Assumptions, replace illustrative value, LTV, DSCR, debt yield, rate, amortization and requested ceiling with the intended scenario. Review capacities in Debt and Funding. The smallest modeled capacity does not establish eligibility or approval.
- Closing equity includes the entered opening cash and restricted reserves. Additional operating cash need is measured after that opening cash, so do not add it twice. Inspect monthly cash and remaining principal at maturity.
- Read Review for model conventions and limitations. Save each scenario with its supporting evidence and date; actual lender definitions, legal rights and professional findings control the transaction.
Questions to prepare for a lender
Which rights authorize each income-producing activity?
Upland title, submerged-land agreement, permits and operating-rights map.
Do the rights remain available through the repayment horizon?
Expiration, renewal, assignment and consent analysis by counsel.
What cash is earned by each operating segment?
Slip, storage, fuel, service and retail schedules with matching costs.
What capital is needed to keep facilities usable?
Marine engineering findings, bids, permits and maintenance history.
How much seasonal or closure liquidity is required?
Monthly collections, deposits, operating costs and capital cash plan.
What happens if a consent, renewal or repair is delayed?
Documented alternative operating and repayment scenario.
03 / Prepare
Build the evidence file
Use this as a preparation checklist. The lender determines the documents, definitions and review conditions for the actual transaction.
Cash flow and operations
- Slip and storage inventory with sizes, occupancy and contract terms.
- Seasonal and annual contracts, deposits and collection records.
- Fuel and service sales reconciled to cost of goods and direct expenses.
- Monthly operations and a separate seasonal cash schedule.
- Lease, concession and other rights-related fees and payment history.
- Capital, maintenance and storm-repair expense history.
Property and collateral
- Upland title, survey and access documentation.
- Submerged-land lease, concession or other actual operating rights.
- Permits and regulator correspondence relevant to the contemplated work and use.
- Dock, seawall, utility and other marine-condition assessments.
- Dredging or restoration scope with responsibility and approval dependencies.
- Insurance evidence and environmental reports requested for the transaction.
Sponsor and execution
- Sponsor and operator experience with comparable marina operations.
- Entity chart identifying property owner and operating businesses.
- Liquidity net of other properties, repairs and guarantees.
- Maintenance, emergency and contractor arrangements.
- Portfolio debt and contingent environmental or operating obligations.
- Equity authority for rights-related delays and capital overruns.
Closing and funding
- Counsel-confirmed assignment, mortgage and change-of-control consents.
- Current rights payments and required compliance evidence.
- Loan holdbacks tied to accepted repair and permit milestones.
- Payoff, title and collateral-description reconciliation.
- Insurance and restricted-reserve requirements.
- Closing and renewal calendar with funded alternatives if a deadline is missed.
Watch for these assumptions
- Ownership of upland property does not establish ownership of submerged land.
- A renewal assumption is not an executed extension of the operating right.
- Gross fuel or service receipts should not be treated as net property income.
- A repair budget needs both the physical scope and the permission, timing and cash to perform it.
Before you rely on the result
- Map every revenue stream to its legal and physical operating right.
- Compare loan maturity with established rights rather than hoped-for renewals.
- Fund repairs and seasonal deficits without assuming unconfirmed insurance or reimbursement proceeds.
Scope and limitations
- Educational analysis; not a financing offer, appraisal, legal opinion or program eligibility determination.
- Workbook figures and thresholds are illustrative editable assumptions, not current lender quotes or universal underwriting standards.
- Document requests depend on the lender, transaction, jurisdiction and property; address unresolved issues with the relevant qualified professional.
Sources and applicability
These references support the stated asset and risk context. The questions and document lists are preparation tools, not a statement that every lender requires or accepts the same package. Actual contracts, applicable rules and the chosen lender determine the transaction requirements.
- Florida DEP use of state-owned land FAQSubmerged-land leasing, lease-condition changes and fees · Checked 2026-10-21Florida-specific example; no universal lease fee, term or approval rule is asserted.