Qualifications of Owners

We’re looking to purchase a RV park. This will be our first park and we have no direct experience in the “hospitality” business. One of the banks we have been discussing loan options with has brought up the question of our “Qualifications”. They mentioned a silent partner with experience, but I don’t want to do that. We have RV’d for years and have a strong interest in the business. I have a business degree and my wife has owned her own business for ten years. How do we sell ourselves to the bank?

You need to build a stronger sales pitch to the bank on your qualifications -- if you make it strong enough on the front end, then they will not even question you about it. The RV business is not rocket science. You are probably just as qualified as anybody else they are ever going to meet. Bankers are not that bright -- so B.S. them as strong as you can. They have no idea how to evaluate anybody's real qualifications or what questions to ask. If you seem confident, then they will just assume you know what you're doing.

There are a lot of RV parks out there with seller carry. If you are unable to put deals together with banks, you can always pursue that avenue. It requires no lender scrutiny at all.

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