Financing RV Lot
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 a...
Forum Discussion
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.
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.
