The Madison Group (TMG), a leading national lending source of RV Park financing, arranged the $1,251,390 loan for the purchase of a 65-Space RV Park in Texas. The final terms were a 15-year term, 12-months interest only, followed by a 30-year amortization, with a rate of 5.99%.
The park is on 17 acres which includes five acres to be developed into 34 additional spaces. The park has 2BR/2Bath single family residence that houses the on-site manager and an additional site-built building that has a laundry and showers.
The borrower’s goals were to purchase the RV Park and borrow an additional $200,000 for improvements to the park that would generate additional rental income.
TMG was able to help the borrower meet its goals by offering several financing solutions which included additional improvement funds that allowed the borrower to select the optimal financing solution that met the borrower’s priorities and investment strategy.
Location: Texas
Property: 65 Space RV Park
Loan Amount: $1,251,390
Interest Rate: 5.99%
Term: 15 Years
Amortization: 30 Years
Prepayment: Typical Early Unwind Rate Swap Provisions
LTV: 70%
Recourse: Full Recourse