Frequently Asked Questions

Financing for boat slips is a new and unique business.  It has taken us considerable time to create, negotiate and develop this opportunity with local banks and private investors, interested in joining us in this partnership.  We are sure that you have questions, and we are here to answer them.

How does this work?
You complete the application and provide us with the requested income and asset statements.  Each funding source is different in its requirements, and we will review your information and submit it to the financing institution that will provide you with the best loan senario.

What rate will I receive -  how much of a down payment will I need and what types of boat slips do you finance?
That’s a good question and we don’t know until we receive your completed application.  We do not quote information before we can give you accurate answers based on the facts we get from you.  After we speak with our lenders, we will present you with the very best offer that you qualify for.  We finance Deeded Wet Slips, Deeded Dry Rack Storage, State Leased Land and Equity and/or non- Equity Club Memberships.  This applies Nationwide and The Bahamas.  Most loan terms include financing up to 90% with fixed interest rates with loans from 5 to 15 years.  Interest rates are based on the Prime Interest Rate.

Why can’t I go to my local bank or search on my own?
Yes, you can.  However, after extensive research, we found that most banks do not offer this financing.  A limited number of banks may, but you will be quoted a retail rate, whereas offer wholesale rates due to the volume of loans we submit.  Some may offer this financing, but will require you to establish a banking relationship – our banks do not.  Furthermore, how do you know that the one bank that says, “yes,” is giving you the best rate?  In addition, this is a true mortgage, not a home equity loan. 

So, how do you help me?
We work with several banks and will choose the bank that is offering the best loan for you.  We charge a standard broker fee - there isn’t any incentive for us to offer you a higher rate than what you qualify for.  We do not receive any incentive or referral fees for sending your loan to one bank over another.  We are your private financial representative.  We work for you – we do not represent an individual bank.

How long will this take?
This is not a part-time job for us – We work hard to get you approved for the right loan for you.  This is not a typical home loan.  Consider a months’ processing time from start to closing.

Why do you ask for so much information?
This type of financing is new.  For the banks to approve your loan, they need to be assured that their borrower properly qualified.  Your information is kept strictly confidential, and is not shared with third parties.  In the unlikely event your loan is not approved, your application and related documents will prompty be shredded or returned to you.

What if I am frustrated by the process?
If at any time you feel that we are not meeting your expectations, we ask that you let us know.  We value the trust that our current clients have placed in us and need to give them 110% of our time and attention.  We look forward to giving you the same respect and consideration.

How Much Does this Cost Me?
Our broker fee pays for our time and effort in reviewing your information, finding the right financing source and processing your loan.  This does not include the banks’ standard fees (title search, independent appraiser, bank’s attorney, underwriting fees & State required taxes & recording fees).  Because of the volume of loans we submit, we have negotiated the lowest fees with our partnering banks.  We receive no compensation from the banks.  We are your Loan Officers & work for you.

What are my obligations to pay you?
You are required to pay our broker fee at the closing table, with a certified check payable to “Mortgage Captain, LLC.”  If you do not pay, your loan will not close.  Conversely, if you do not close, you do not pay.

I still have more questions
Good!  Please see our contact information, we will be very glad to answer any and all of them.  Call us.