Financing RV Lot

DownTheAvenue wrote:

Rlogue00 wrote:
We plan to rent out lot much of the year.

You will not have anyone wanting to rent that lot "much of the year."
In Florida, the season is the Winter months. The rest of the time, your lot, and hundreds of thousands of lots just like yours, are empty. The season begins after Thanksgiving and after New Year's it is full occupancy. The exodus begins in March and by the end of April, the snowbirds have left. The RV lots all go unoccupied until the migration starts again next Thanksgiving.

Not true in the Florida Keys where our lot is.
The first year we had it, it rented out almost every weekend in the summer and for weeks during holidays. It was booked solid from September right through May and into June

Guy

Good luck

JupiterRT wrote:

sayoung wrote:

Rlogue00 wrote:
I’m looking for someone who has financed an RV lot in Florida. Need advice on particular lenders or other ideas on how to finance around $200K. Please don’t give advice on buying an RV lot. We’ve already weighed the pros/cons on that. We plan to rent out lot much of the year. Would like to hear from anyone who has already done it or is in the process. Thank you!

Would you please describe to this simple country boy just what comes with a $200K rv lot. I readily admit my 5 1/2 acre rv hideaway has been expensive but less than $100k for land, rv cover/slab, patio, Kubota tractor & 2 shop buildings. All cash no financing but in Florida probably most banks/cu in the area would do it.

Curious if you found any issues with local permitting to put a slab with power, sewer on your property?

Nope, other than a state code on septic we don't have the Gestapo watching our every move as in some states.

When we first bought our rv site in an upscale RV resort, we financed it with a bank. There was a local bank who worked with our resort. You might ask the owner of the lot, if he or she has it financed and with whom? Or do they have some friends who have their lot financed and what company/bank? Call some local banks in the city where this lot is located and just ask if they finance sites in XXX resort?

All I can say is good luck!

Mitch.

If you are talking about a developed lot in an ownership RV resort there are usually only three options.

1. Pay Cash
2. Owner financing
3. Possibility that the resort has a lending relationship with a local bank or credit union.

If you don't have the cash, talk to the seller about option two. They likely are looking to get out and might very well be amenable to terms that are favorable to both you and them. Down payment, reasonable interest rate and an aggressive repayment chedule will help advance your cause.

Even if option three is available, you will need to be VERY well qualified, that means excellent credit history, verifiable income, income stability, and a good down payment.
At $200,000 it becomes specialty lending at an extreme. Not something a credit union or bank will lend on where there is no relationship either by you or by the resort.

I just got an offer to borrow against the equity in my house. The quoted rate was 3 %.

sayoung wrote:

Rlogue00 wrote:
I’m looking for someone who has financed an RV lot in Florida. Need advice on particular lenders or other ideas on how to finance around $200K. Please don’t give advice on buying an RV lot. We’ve already weighed the pros/cons on that. We plan to rent out lot much of the year. Would like to hear from anyone who has already done it or is in the process. Thank you!

Would you please describe to this simple country boy just what comes with a $200K rv lot. I readily admit my 5 1/2 acre rv hideaway has been expensive but less than $100k for land, rv cover/slab, patio, Kubota tractor & 2 shop buildings. All cash no financing but in Florida probably most banks/cu in the area would do it.

Curious if you found any issues with local permitting to put a slab with power, sewer on your property?

Rlogue00 wrote:
I’m looking for someone who has financed an RV lot in Florida. Need advice on particular lenders or other ideas on how to finance around $200K. Please don’t give advice on buying an RV lot. We’ve already weighed the pros/cons on that. We plan to rent out lot much of the year. Would like to hear from anyone who has already done it or is in the process. Thank you!

Would you please describe to this simple country boy just what comes with a $200K rv lot. I readily admit my 5 1/2 acre rv hideaway has been expensive but less than $100k for land, rv cover/slab, patio, Kubota tractor & 2 shop buildings. All cash no financing but in Florida probably most banks/cu in the area would do it.

Rlogue00 wrote:
We plan to rent out lot much of the year.

You will not have anyone wanting to rent that lot "much of the year."
In Florida, the season is the Winter months. The rest of the time, your lot, and hundreds of thousands of lots just like yours, are empty. The season begins after Thanksgiving and after New Year's it is full occupancy. The exodus begins in March and by the end of April, the snowbirds have left. The RV lots all go unoccupied until the migration starts again next Thanksgiving.