RV Park Feasibility Study in Wisconsin

Wisconsin RV parks are a 504 story

RV parks and campgrounds in Wisconsin earn their place among the cells that matter for two reasons. The location quotient is 3.35x, and the state ranks 3 of 47. SBA approved 63 loans from FY2017 to FY2026 worth $53.5 million, and the $474,000 median is 0.67x the nationwide figure. The class ranks 17 of 39 among Wisconsin industries, so it is a niche that the state does unusually well. The median is the one metric that clears our distinctness margin, and it is the lead of this page.

With 39 loans under 504 and 24 under 7(a), real estate drives the class. The central half runs from $251,000 to $870,000, which fits land purchases and site improvements. WBD, Inc. has 36 loans and $28.8 million on the 504 side, an unusual concentration in a single development company. Nicolet National Bank has 5 loans and $1.7 million. Franchising is 4.8% of loans. A borrower should expect the same development company to appear across much of the state.

Waupaca and the north

Waupaca County has 6 loans; Door, Monroe tie at 4, with Dunn, Fond du Lac, Marinette and Vilas at 3. Counts peaked at 17 loans and $12.6 million in FY2021, then dropped to 3 in FY2024 and 4 in FY2025.

Cancellation reached at least 9.3% of Wisconsin approvals through FY2024, and the ceiling matches. The 33 earliest disbursed Wisconsin loans show a charge-off floor of 0.00% now and at year five, a clean record in a small cohort, with the usual caveat that open loans can still fail.

What the study has to test in Wisconsin

Seasonality is the first issue: the camping season is short, so revenue is concentrated in a few months and coverage must be tested on that calendar. Demand means occupancy by site type, weekend and midweek rates, and comparable parks. Cost covers utilities, grading, bath houses and permits. One data caution: a single business code covers RV parks, resorts and campgrounds, so tent campgrounds and luxury resorts sit together. The appraisal should treat the land as the core of the value.