SBA loans for RV parks and campgrounds: what lenders approved and what they check

A real estate loan with a business on top

RV parks and campgrounds (NAICS 721211) took 157 SBA 7(a) loans worth $235,540,500 from 68 lenders between October 2023 and June 2026. Almost every figure points to land. The median loan was $885,600, the middle half ran from $335,800 to $2,357,000, and the 90th percentile of $4,555,600 sits close to the 7(a) ceiling of $5 million. The median term of 300 months is the 25-year real estate maximum, and the median rate of 9.5% is below the national median, as long, well-secured loans tend to be.

The 78 SBA 504 loans stand out: roughly one 504 loan for every two 7(a) loans, a heavy use of the real estate program. Where a park is mostly land and improvements, 504's structure — typically 50% from a bank, 40% from the CDC and 10% from the borrower, or 15% for a new business or a special-purpose property — can suit it. See SBA 7(a) vs 504 and SBA 504 vs a conventional commercial mortgage.

Travelers or residents: the eligibility question

SBA finances operating businesses, not passive landlords. A park that rents sites night by night or week by week to travelers, and provides the services that go with it, is running a hospitality business much like a motel. A park where most sites are occupied month after month by the same residents begins to look like a residential landlord, which SBA treats as a passive real estate business. The line is judged on the facts, and lenders read the rent roll to see where a park falls.

Seasons, weather and cash flow

Most parks earn the bulk of their year in one season, summer in the north and winter in the Sun Belt, and a wet summer or a closed road can take a real share of it. A lender reads monthly revenue and occupancy for at least two years, preferably from the reservation system rather than the P&L alone, and checks that the park can carry its payment through the off-season. Bank statements, optional on the SBA list, are useful here because they show the cash low point each year.

SBA requires debt service coverage of at least 1.15x, earnings of 1,150 against payments of 1,000, and 1.0x globally including the owners. From 1 October 2026, a change of ownership must show 1.25x on historical results. A park's coverage should be tested after a real reserve for road, electrical and water-system repairs, not just the year's actual maintenance spend. Where the season needs a cushion, see seasonal lines of credit.

Buying an existing park

Acquisitions were 34 loans, 21.7% of the industry's SBA lending, at a median of $935,000 and 8.87%. Buyers should know how the rules apply to a property-heavy purchase.

• The real estate is appraised, and where the amount financed, less appraised real estate and equipment, exceeds $250,000, SBA also requires an independent business valuation; the purchase loan cannot exceed it.
• From 1 October 2026, change-of-ownership loans amortize over no more than 10 years except the real estate share, so the land and improvements keep up to 25 years while goodwill and working capital are paid down over ten.
• On a 7(a) loan of 15 years or more, prepaying more than 25% in any of the first three years costs 5% of the prepaid amount in year one, 3% in year two and 1% in year three.
• At least 10% of total project costs as equity. A seller note counts for up to half of it only on full standby for the life of the SBA loan, and SBA prohibits an earnout.
• The seller may consult for up to 12 months, or up to 24 months under SOP 50 10 8.1 from 1 October 2026; many sellers live on site, and their move-out belongs in the plan.

See buying a business with its real estate, SBA blended maturity and the SBA prepayment penalty. Purchases that exceed 7(a)'s $5 million limit are covered in acquisitions above the SBA limit.

Building or expanding a park

A third of the loans, 33.8%, went to start-ups: new parks on raw land, conversions of other property, and first-time owners. A new park is a construction project first. The lender will want zoning and permits in hand or clearly obtainable, engineering for roads, pads and electrical service, and a water and sewer plan: a well and a septic or on-site treatment system carry permits, capacity limits and replacement costs that a lender will ask about. Flood zones and environmental review of the land are part of any real estate loan.

With no operating history, the loan is underwritten on a projection supported by comparable parks nearby, the owner's hospitality or property experience, and at least 10% of total project costs as equity; under 504 a new business puts in 15%, or 20% if the property is also special-purpose. Lenders are more comfortable when the projection ramps occupancy over several seasons rather than assuming a full first year.

Preparing an RV park's file

The SBA list: 2–3 years of business tax returns, a P&L and balance sheet with a year-to-date P&L through last month-end, a debt schedule with copies of notes being refinanced, and personal tax returns and a personal financial statement for each owner of 20% or more. For a park, add monthly revenue and occupancy by site type, the rent roll showing stay lengths, a site map, utility and permit records, recent capital spending, and for a purchase, the letter of intent and the park's latest full year of figures.

Transparent builds the full lender package — financing model, lender presentation, blind teaser and underwriting memo — in a day once the documents are in, and takes it to the 278 lenders in its book that write SBA 7(a) and 504. On SBA loans the lender pays Transparent, not the borrower. Nearby industries with the same land-heavy profile: hotels and motels and self-storage.