Texas RV park Hill Country vs Gulf peril split
Hill Country destination parks vs Gulf hurricane exposure carry different wind/flood PITIA — bind on PIN before bridge. Hail deductibles on West Texas assets hit roof-forward PIP timelines; Houston flood elevation affects coastal refi LTV 5–8 points.
Utility expansion: document municipal stub capacity before modeling pad-add NOI in refi application.
Texas RV park bridge underwriting separates Hill Country destination parks from Gulf Coast hurricane exposure and Permian oil-cycle travel stops — hail deductibles on West Texas assets and Houston flood on coastal parks hit NOI differently. DFW and Austin exurban parks at $1.5M–$4M need utility capacity review on expansion pads. Hub: RV park financing guide.
Bridge IO 8.99%–13.5%, 65%–80% LTV; compare MHC Texas. Rates: RV park loan rates 2026 · how to buy an RV park.
Texas RV park segments and basis bands
| Segment | Geography | Basis band | ADR / occupancy profile |
|---|---|---|---|
| Hill Country destination | Fredericksburg, Kerrville, Bandera | $1.4M–$2.8M | Premium ADR; Mar–Nov peak |
| Gulf Coast snowbird | Corpus, Port Aransas, South Padre fringe | $1.2M–$3M | Oct–Apr fill; hurricane reserve |
| I-35 travel corridor | Waco to San Antonio | $800K–$1.6M | Transient overnight; lower ADR, steadier |
| West Texas | Permian fringe | $600K–$1.2M | Worker-adjacent — verify durability |
Kerr County destination parks trade $1.5M–$2.2M on 40–65 pads with 50-amp mix — property tax protest culture means verify post-close liability. Gulf Coast wind/flood can add $40K–$80K/yr insurance — mandatory in bridge memo.
Worked example — Hill Country 48-pad acquisition
$1.65M — 68% annualized occupancy, mix of 30-amp and 50-amp pads, Kerr County
| Phase | Detail |
|---|---|
| Bridge | 68% LTV ($1.122M) + $180K PIP holdback at 11.25% IO |
| PIP timeline | 8 months — 50-amp pad electric + WiFi + bathhouse refresh |
| Post-PIP ADR | +14% vs trailing 12 ($72 → $82 avg nightly) |
| Occupancy | 68% → 79% (trailing 12) |
| Stabilized NOI | ~$14,200/mo after opex |
| Refi target | SBA 7(a) $1.28M at 7.5%, 1.26x DSCR on T-12 — month 18 |
Cap rates: RV park cap rates and valuation
Seasonality — Texas DSCR modeling
Lenders require trailing 12-month P&L, not peak-month annualization:
| Month type | Hill Country | Gulf Coast |
|---|---|---|
| Peak | Mar–May, Oct–Nov | Jan–Mar snowbird |
| Trough | Jan–Feb | Aug–Sep hurricane season |
| Reserve | 3–6 months PITIA on bridge | Wind/flood quote in pro forma |
Texas diligence checklist
- Pad electric amperage — 50-amp demand rising with larger RVs
- Septic / wastewater capacity — expansion limits on rural parks
- Transient vs long-term site rent mix — different revenue stability
- FEMA flood zone — coastal and river-adjacent pads
- County STR / campground licensing — varies by municipality
- Trailing 12 P&L — not March or October annualized
Hill Country vs Gulf Coast — financing contrast
| Factor | Hill Country | Gulf Coast snowbird |
|---|---|---|
| Peak season | Mar–Nov weekends | Oct–Apr snowbird |
| Insurance load | Moderate wind | Wind + flood reserve required |
| ADR profile | Premium destination | Volume transient |
| Bridge fit | PIP + ADR growth | Post-storm insurance diligence |
| Permanent refi | SBA 7(a) at 75%+ occ | T-12 must show hurricane-season trough |
Exit and refinance path
Texas RV park sponsors choose submarket before LOI — Hill Country PIP-and-ADR growth, Gulf Coast insurance-heavy snowbird, and I-35 transient steadiness produce different bridge and refi clocks.
SBA 7(a) refi (Hill Country): After two peak seasons and PIP completion, SBA typically refi at 65%–75% LTV with 1.25x+ DSCR on trailing T-12. Kerr County example: $1.28M permanent at 7.5% replaces $1.122M bridge plus retires $140K of PIP holdback — sponsor needs Jan–Feb trough months in P&L, not annualized April occupancy.
Gulf Coast caution: Corpus and Port Aransas parks require current wind/flood carrier quote before bridge approval — insurance $48K–$85K/yr compresses NOI 10%–15%, dropping refi LTV 5–8 points. Model August–September hurricane-season vacancy explicitly in T-12.
I-35 travel stops: Lower basis ($800K–$1.4M) with steadier overnight ADR — refi viable at 72%–78% occupancy when revenue less seasonal. Bridge 8.99%–13.5% IO for 12-month acquisition close; SBA timeline 90–120 days post-stabilization.
Permian fringe: Worker-adjacent parks need occupancy stress at 55% — oil-cycle downturns hit ADR before occupancy. Extend bridge 6 months before LOI on Midland/Odessa fringe assets.
50-amp PIP sequencing: Complete pad electric upgrades before refi application — lenders credit ADR lift only with post-PIP trailing 6 months. Guide: how to buy an RV park.
Related Texas programs
Include Hill Country vs Gulf peril split and utility expansion map — Texas RV park file · Texas campground hub · (833) 264-7776
Texas RV park underwriting focus (2026)
- Occupancy: Underwrite DFW hookups on trailing 12-month RV occupancy — not peak-season broker pro forma on Texas parks.
- Utilities: Seasonal hookup revenue vs annualized camper counts before IO term.
- Entity: Business-purpose LLC with aligned operating agreement before appraisal.
- Exit: Identify bank or agency takeout on Texas RV park assets before bridge close.
Include Hill Country vs Gulf peril split and utility expansion map — Texas RV park file · Texas campground hub · (833) 264-7776
Texas RV revenue underwriting
Separate annual camper revenue from transient hookups on Texas RV parks — banks exclude seasonal overlap from permanent debt sizing. Hail and wind on roof-forward scopes — separate Houston flood from DFW hail corridors. Pedestal electric and septic capex on older parks belongs in the bridge budget, not post-close surprise.
Compare: RV park hub · Submit commercial scenario.
Texas park / niche segment gates — DFW (Dallas–Fort Worth) (2026)
- RV park underwriting on DFW (Dallas–Fort Worth) — pad count, utility infrastructure, and ~1.68% tax on operating entity.
- Hail and wind on roof-forward scopes — separate Houston flood from DFW hail corridors — segment comps do not cross into vanilla SFR Houston pricing.
- Bridge 8.99%–13.5% IO with documented operating history or value-add scope before agency take-out.
DFW (Dallas–Fort Worth) RV park bridge 8.99%–13.5% IO · Texas hard money · (833) 264-7776.