Financing a RV Lot
How do I find a bank or other institution that will finance a deeded RV lot in a RV ResoRt? This is a condominium style resort.
Forum Discussion
I guess there is a chance the resort has a hookup with a local bank or credit union. Otherwise, probably not going to happen. RV lots are just to exposed to market fluctuations to be an asset that a financial institution is going to consider as good collateral.
Alternatives are to pay cash or look to get owner financing. That seems to be the options at ownership parks we have owned at in the past.
The fact that financing is elusive at best doesn't necessarily mean owning a site is a bad idea. We made good use of ours, and always came out OK when it was time to sell. There are plenty of things worth owning that can't be financed. If you don't believe me, see how much your bank will loan using your dog as collateral.
Alternatives are to pay cash or look to get owner financing. That seems to be the options at ownership parks we have owned at in the past.
The fact that financing is elusive at best doesn't necessarily mean owning a site is a bad idea. We made good use of ours, and always came out OK when it was time to sell. There are plenty of things worth owning that can't be financed. If you don't believe me, see how much your bank will loan using your dog as collateral.
