Glamping/RV Park
Loan Amount
$2,800,000
Loan Type
SBA 7a loanLoan Term
12 months for construction then a 25-year termReferral Source
A commercial broker
Summary
Secure a loan for new construction of an RV park and glamping site with only 10% down.
Subject
The client had purchased the land and was ready to begin construction on a new RV park/glamping site on this land. The client had done his own feasibility study.
Challenge
The borrower wanted to put down only 10%, but his previous loan broker could only find 20% down options. Plus, there were no seller options available.
Outcome
Freeman Lundt used our expertise to find a lender willing to offer a loan with no down payment plus an extra $200,000 for working capital. But the loan had conditions, and we offered our assistance to the client to meet those conditions. Our connections helped the client save $5,000 on an independent feasibility study since the study done by the client did not meet the conditions of the loan. When the loan closed, the lender agreed to reimbursements for the feasibility study and other costs, wiping out the client's out-of-pocket expenses to secure the loan.
