New Houseboat Lending Program from Sound Community Bank
Seattle Houseboat KevLin
We are very pleased to announce that with new Houseboat regulations, Sound Community Bank is creating a new Floating On Water Residence lending package that improves both rates and terms offered for houseboats. Details of this program are shown below.
Over the past 5 years, Kevin and Linda Bagley and Lake Union Liveaboard Association have worked hard to create a more positive political environment for the Floating Residences in Seattle and around the state. As a result of these efforts, two key pieces of legislation were passed.
As a result of these regulations, Seattle’s Department of Planning and Development revised the Shoreline Master Plan (Announcement coming soon) to accommodate Floating On-Water Residence (AKA Houseboats & House Barges) and to create acceptable use guidelines. These new regulations provide substantiation for improved lending parameters.
Special Agents Houseboats has been working with Sound Community Bank for several years and our excellent relationship with them made it possible to communicate the new legislations which allowed them to create an improved lending environment for our floating community. The new program offered by Sound Community Bank will closely resemble the Floating Home programs that they have been offering for a number of years.
Details of the program:
3 lending programs will include:
25 year amortization with a 5 year cash out balloon payment. Current rate is 5.25%
30 year amortization with a 10 year cash out balloon payment. Current rate is 5.75%
15 year fixed rate loan. Current rate is 5.5%
All programs require 20% down payment and approval is dependent on credit evaluation.