Investors searching RV park refinance, campground refinance, and RV park cash out refinance need financing aligned with seasonality, infrastructure age, and occupancy trends — outdoor hospitality assets rarely fit residential DSCR boxes.
Jaken Finance Group finances RV park and campground bridge refinance and cash-out nationwide — all 50 states. Acquisition hub: RV park and campground financing guide.
Compare: SBA vs bridge for campgrounds · RV park loan rates 2026 · how to buy an RV park
Refinance types compared
| Type | Best when | Leverage | Timeline |
|---|---|---|---|
| SBA 7(a) refi | Owner-operator, under $5M | Up to ~90% | 60–120 days |
| SBA 504 refi | Real estate + equipment | 10% equity common | 90–180 days |
| Bank commercial | Stabilized 75%+ occupancy | 65%–75% LTV | 45–90 days |
| Bridge refi | Not yet SBA/bank ready | 65%–80% LTV | 7–10 business days |
| Cash-out | Extract equity post-PIP | 65%–70% LTV | 30–90 days |
Bridge rates: 8.99%–13.5% interest-only. Jaken Finance Group closes that bridge refinance in 7–10 business days on a complete file. SBA 7(a) pricing is a variable rate with a size-based ceiling, described on SBA 7(a) loans. Conventional bank quotes on stabilized parks in this comparison are about 6.5%–8% on NOI.
Bridge-to-SBA path (summary)
Typical sequence: acquire on bridge → PIP / marketing → stabilize ADR + occupancy → refi to SBA or bank. Target 75%+ trailing occupancy and 1.25x DSCR before permanent refi. Full phase-by-phase playbook — not duplicated here: SBA vs bridge for campground acquisitions.
Seasonality and DSCR on refi
Lenders require trailing 12-month NOI — not peak summer annualized:
| Factor | Requirement |
|---|---|
| Monthly occupancy | Show winter trough |
| ADR trend | Rate growth vs discounting |
| Debt service reserve | 3–6 months PITIA on bridge |
| Infrastructure | Water, sewer, electric age |
Cap rates: RV park cap rates and valuation
Cash-out use cases
| Scenario | Why |
|---|---|
| Post-PIP equity | Extract capital after amenity upgrade |
| Next acquisition | Recycle into second park |
| Partner buyout | Buy out at stabilized value |
| Working capital | Seasonal cash flow bridge |
Worked example — 65-pad refi after PIP
| Phase | Detail |
|---|---|
| Bridge acquisition | $1.8M at 70% LTV |
| PIP | $220K — bathhouse, pad electric, signage |
| Month 18 | 82% occupancy, ADR +12% |
| Refi | SBA 7(a) at 75% LTV |
| Cash-out | $140K for glamping expansion |
Glamping: outdoor hospitality financing
When to refi now vs. carry bridge longer
Permanent refi makes sense when trailing 12-month NOI supports 1.25x DSCR at bank leverage — not when peak summer revenue is annualized. Bridge carry is often cheaper than forcing a refi that fails DSCR and triggers rate resets or extension fees.
| Signal | Action |
|---|---|
| 75%+ occupancy for 90+ days, winter trough documented | Start SBA or bank refi |
| 65%–74% occupancy with ADR growth | Bridge rate-and-term or short extension |
| PIP in progress with holdback remaining | Finish CapEx before permanent refi |
| Partner buyout at stabilized value | Cash-out bridge → permanent within 12 mo |
| Second acquisition recycling equity | Cash-out at 65%–70% LTV if DSCR holds |
Rate bands and program fit: RV park loan rates 2026 — this page does not duplicate the full rate matrix.
Refi readiness checklist
| Document | What lenders verify |
|---|---|
| Trailing 12 P&L | Monthly occupancy — show winter trough explicitly |
| ADR trend | Rate growth vs. discounting to fill pads |
| Utility bills | Water, sewer, electric capacity vs. pad count |
| Insurance quote | Flood, wind, liability — coastal and mountain zones |
| Environmental | Septic capacity, well tests, propane tank age |
| Existing loan payoff | Prepayment penalty, extension terms on current bridge |
Common refi mistakes on RV parks
- Annualizing July occupancy — underwriters use T-12, not peak month
- Ignoring deferred infrastructure — bathhouse and pad electric age affect appraised value
- Cash-out without DSCR headroom — new payment must clear 1.25x on actual rent roll
- Mixing transient and long-term revenue without segment reporting
- Skipping USDA B&I on rural parks — may beat bank pricing when eligible
State market examples
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RV park refi rate bands (2026)
| Product | Rate band | LTV target |
|---|---|---|
| Bridge refi / cash-out | 8.99%–13.5% | 65%–75% |
| Bank permanent | Quote-based | 70%–75% stabilized |
| DSCR (select smaller parks) | 5.75%–10.5% | 70%–75% |
Full acquisition hub: RV park campground refinance loans · how to buy an RV park · (833) 264-7776
RV park refi — when bridge IO converts to term debt
Stabilized 95-pad park · $3.2M appraised · 82% occupancy
| Refi type | LTV | Rate expectation |
|---|---|---|
| Bank term | 65%–70% | Fixed 6.5%–8.5% |
| SBA 7(a) | Up to 90% on qualifying | SBA + bank spread |
| Cash-out bridge | 60%–70% | 8.99%–13.5% if not yet bankable |
Model seasonal trough before refi — lenders stress November–February in mountain markets. RV park financing guide · Georgia example · commercial calculator.
What the outdoor economy does and does not prove
Campground demand sits inside a much wider industry. The BEA outdoor recreation satellite account says outdoor recreation value added was 2.4% of U.S. current-dollar GDP in 2024, or $696.7 billion. The page lists that release as current as of March 5, 2026. That figure covers the whole outdoor recreation economy. It is not RV park revenue, occupancy, or a cap rate. A lender still underwrites the park’s own trailing twelve months.
Power cost is one line you can price with a public rate. U.S. city average electricity was 19.6 cents per kilowatt-hour in August 2026, up from 19.0 cents in August 2025, on FRED APU000072610.
Illustration. A 40-pad park uses 400 kilowatt-hours per pad per month, flat for a year. That is 40 × 400 × 12 = 192,000 kilowatt-hours. At 19.6 cents, the bill is 192,000 × $0.196 = $37,632 for the year. The 400 kilowatt-hours is an assumption for the illustration, not a national pad average. Coastal air-conditioning and winter heat will not match it. Put the utility bills in the file.
When a 504 takeout is even available
An SBA 504 loan cannot be used for speculation or investment in rental real estate. The SBA 504 page states that limit, and it also says loans cannot go to businesses engaged in passive or speculative activities. A passive owner who collects site rent and does not operate the park is outside that program. An owner-operator who runs the campground as the business may still be reviewed for 7(a) or 504. That is an eligibility question for the CDC and the SBA lender, not a promise from the rate table above.
The same 504 page says the maximum 504 loan is $5.5 million, while the headline on that page says up to $5 million. Use $5.5 million, and expect a reviewer to notice the headline. Terms of 10, 20, and 25 years are listed on that page. Fees there total approximately 3% of the debt and may be financed in the loan. A park refinance larger than the CDC piece, or one that needs working capital, belongs on SBA 7(a) or on bridge until the permanent lender is ready.
Illustration: same NOI, two bridge rates
Separate illustration from the 65-pad refinance above. Appraised value is $1,200,000. Trailing twelve-month NOI is $108,000. A 70% loan-to-value bridge is 0.70 × $1,200,000 = $840,000.
| Bridge rate | Annual interest-only | NOI ÷ interest | Result against 1.25x |
|---|---|---|---|
| 8.99% | $840,000 × 0.0899 = $75,516 | 108,000 / 75,516 = 1.43x | Clears 1.25x |
| 13.5% | $840,000 × 0.135 = $113,400 | 108,000 / 113,400 = 0.95x | Misses 1.00x |
The low end of the Jaken Finance Group band carries this NOI. The high end does not. Quote the rate on the file before you lock a cash-out. Interest-only also excludes taxes, insurance, and reserves. A 1.25x test on interest alone is weaker than a test on full debt service.
A DSCR loan on a smaller park, when the property fits that program, is priced at 5.75%–10.5% and closes in about 14 business days.
Refinance proceeds after a stated value
Illustration. A park appraises at $2,000,000 after the amenity work. The payoff is $1,150,000. A 65% cash-out loan is 0.65 × $2,000,000 = $1,300,000. Cash before closing costs is $1,300,000 − $1,150,000 = $150,000. At 70%, the loan is $1,400,000, and cash before costs is $250,000.
If closing costs are $40,000, cash to the owner is $110,000 at 65% and $210,000 at 70%. Those costs are an assumption in the illustration. Title, reserves, and a prepayment penalty come off the top. If the penalty is $60,000, the 65% case leaves $150,000 − $40,000 − $60,000 = $50,000. Run the payoff letter before you promise a partner a distribution.
Seasonal trough checklist for the refi file
Winter is a separate exhibit, not a footnote on the July P&L.
- Monthly occupancy for all twelve months, with November through February in their own columns
- Site-nights sold versus sites available, so a closed section of the park is not treated as occupied
- Long-term stays and overnight stays on separate lines
- Electric, water, and sewer bills matched to the same months as occupancy
- Insurance quote for the coming year, including wind or flood if the park sits in those zones
- Payoff letter with the prepayment formula and the lockout date
- List of pads that cannot be rented because of septic, pedestals, or road condition
A park that annualizes July will show a debt-service coverage ratio the winter months cannot pay. Lenders who ask for the trough are doing the arithmetic you should do first.
A reserve for the months the park is thin
Interest-only bridge debt does not take a holiday in January. Size a cash reserve off the payment you were actually quoted.
Illustration. The $840,000 bridge from the rate table above, at 8.99%, costs $6,293 per month ($75,516 / 12). Four thin months need 4 × $6,293 = $25,172 set aside for interest, before taxes and insurance. At 13.5%, monthly interest is $9,450, and four months need $37,800. Three to six months of debt service matches the bridge reserve range listed in the seasonality table above. Fund the reserve from the refinance proceeds or from cash on hand. Do not plan to build it out of July revenue after the loan has closed.
National rent indexes do not set pad rates. They do show that housing costs are still rising. Owners’ equivalent rent was 443.713 in August 2026, up 3.1% from 430.456 in August 2025, on FRED CUSR0000SEHC. Index, December 1982 = 100, seasonally adjusted. A long-term RV tenant comparing a pad to an apartment feels that pressure. Your rent roll still has to stand on its own.
Call (833) 264-7776 with trailing occupancy and the payoff on the current note.
Rates, terms and conditions offered only to qualified borrowers and are subject to change at any time without notice. All loans are subject to full underwriting for loan approvals. Jaken Finance Group only finances non-owner occupied investment properties.