SBA 504 RV Park Feasibility Study in Wisconsin

One development company runs Wisconsin's 504 campgrounds

WBD, Inc. holds 36 of the 39 loans in this cell, with $28.8 million of its $34.2 million. Wisconsin ranks 2 among states for 504 RV park and campground loans by count, and the class stands at 9 of 39 within the state. A median of $493,000 is 0.86x the nationwide level, and half of the loans fall between $293,500 and $1.1 million. Franchising is 5.1%. The cell is notable for its rank and its single dominant holder.

The map and timing

Waupaca County has 6 loans, while Adams, Ashland, Bayfield, Dane, Grant, Lincoln, Marinette, Sawyer and Wood have 2 each, so the class is scattered rather than clustered. Approvals began with a year of none in FY2017, reached 10 loans and $9.9 million in FY2021 and 9 loans and $5.6 million in FY2022, and held at 4 loans in each of FY2025 and FY2026. One 2019 loan totalled $5.0 million.

On the cancellation side, the minimum is 6.5% and the ceiling is identical. Loan Analytics withholds the charge-off rate, since the early funded group holds fewer than 30 loans, and a blank is never a zero.

Testing a campground or RV park project

One code serves RV parks and campgrounds alike, so these figures cannot tell a nightly resort from a campground full of seasonal sites; the study should also explain how guests find the park. A study must say which model the project follows. Revenue has to be built month by month, from occupancy of nightly and seasonal sites, rates and add-on income such as store sales. Land and site work belong at the top of the cost list: roads, utilities, electrical service, septic or sewer, and any water frontage. Permits and zoning may delay opening. Coverage should be shown with a poor summer, and the combined payment to bank and development company carried through the winter months. The appraisal of a campground reflects land and improvements plus the going concern, and the study should show how occupancy reaches stabilised levels, how the owner or manager will staff the park, and which reservations and amenities will be offered.

With 36 of the 39 loans sitting with one development company, a study should be written with clear site control, a permit schedule, an infrastructure budget with contingencies, and a summer-by-summer revenue ramp that a reviewer can check.