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Old 01-27-2016, 06:07 PM   #1
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RV Lot Financing?

Does anyone know how I begin to find a lender that finances RV lots? I found one I want to buy in the Keys.
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Old 01-27-2016, 06:21 PM   #2
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I got the best rate from Nationwide when I bought mine last August. Everything was done online.


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Old 01-27-2016, 06:24 PM   #3
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Thank you JPM. Did you get a loan on an RV or an RV lot? Im looking for a loan for an RV Lot.
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Old 01-27-2016, 06:38 PM   #4
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A lot will depend on the lot. A standard RE loan may work, or owner finance, crowd funding, HELOC, Personal loan.


A little more info might help.
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Old 01-27-2016, 06:40 PM   #5
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I did a home equity loan on my house. That wouldn't be an option if you no longer own your home and are full timing. I would think that a bank that is local to the RV lot would loan a percentage of the lots appraised value but probably not 100%.
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Old 01-27-2016, 07:43 PM   #6
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History tells me the down payment will need to be large. The bank appraises RV lots low.
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Old 01-27-2016, 07:49 PM   #7
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We have been investigating this in Polk City. Our information indicates that at least in this area there is a bank that will finance lots with only a pad on them (as opposed to a fully functional house) for 75% of appraised value, 10 years @ 5.4%.

Take that for what it is worth.
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Old 01-28-2016, 11:03 PM   #8
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Quote:
Originally Posted by gr8white View Post
Thank you JPM. Did you get a loan on an RV or an RV lot? Im looking for a loan for an RV Lot.
Sorry, I missed the lot part. Mine was for an RV.
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Old 01-28-2016, 11:24 PM   #9
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I purchased an RV lot at Silver Lakes RV and Golf Resort in Naples, FL in 2005. Fifth Third bank gave me a 25 year loan at the time. But that was the time everybody and anybody got mortgages. It still may be worth while to see if they still offer that plan. At that time it was no money down and points on the mortgage and the appraisals were out of wack. I paid too much and after the bubble burst I was really upside down. Now that I paid off some of it and the properties have increased in value I'm about even. I hope to sell it in 4 years and maybe come out on the positive side. Hope this helps.
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Old 01-28-2016, 11:30 PM   #10
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Where in the Keys are you purchasing? The reason we left the keys and went to Naples is because in 2005, all of the campgrounds that offered rentals were purchased by one family to have condo's built on them. For years we stayed at America Outdoors at mm 97. When John Edwards the owner broke the news to me that he sold the place, we scrambled for a place to park our newly purchased 38ft fifth wheel and 22ft boat. We panicked and bought in Naples. If I had to do it over again, I would never own. In most places you can find rentals that are affordable and you don't have the worry of selling when time comes or you just had enough and change your mind.
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Old 01-28-2016, 11:33 PM   #11
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Hey Sky Boss
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Old 01-29-2016, 12:37 PM   #12
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...If I had to do it over again, I would never own. In most places you can find rentals that are affordable and you don't have the worry of selling when time comes or you just had enough and change your mind.
The only reason we are looking into buying a lot with a house on it is that we like the area and after the RV is gone, we have a house we will still want to live in. Otherwise, after our relatively short experience in this matter we would just rent. Heck, we may still just rent and look for a S&B.
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