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Old 06-05-2015, 07:46 PM   #1
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financing an rv lot

Does anyone have information on how to finance a lot in an RV resort? I've heard that banks are reluctant to finance them? What finance companies have you used? What is the usual down payment? What is the average length of the loan?
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Old 06-06-2015, 12:03 PM   #2
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I imagine this would be a portfolio type loan. Those are 30-40% down and usually 3-5 year terms. You can structure as a 20-25 year amortization with plans to refi before the balloon payment is due. Interest rates are 8-11%.
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Old 06-06-2015, 12:54 PM   #3
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Are you buying from a private party or from the resort developer. If the latter I'd think they'd have potential lenders they can point you towards. I agree, lenders will typically require a larger down payment on what they consider "empty land".

There are other options too. Do you own your home? Paid off or lots of equity? Refinance and take the full cost of the RV lot out (paying cash for the lot). This is what we did knowing we'd be selling the house in a year or so, a home refinance is easy to get these days - but this only works if you have enough equity. When we did sell the house we walked away with no mortgage, a fully paid for RV lot.
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Old 06-06-2015, 09:45 PM   #4
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I am in the process of buying a lot from the RV resort. I am doing a home equity loan.
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