RV Park Feasibility Study: Demand, Seasonality and Financing

An RV park feasibility study tells a lender whether one specific RV park or campground, on one specific site, can sell enough site-nights at supportable rates in every month of the year to pay its operating costs and its debt at the coverage the capital source requires. It answers with monthly evidence rather than an annual average, because an RV park earns most of its revenue in a few months and pays debt service in all twelve.

Three facts shape almost every RV park and campground loan file:

• Seasonality is steep. In national park campgrounds, RV camper overnight stays in July 2025 were 4.5 times the January level, and May through September carried 64.5% of the year [1].
• Stay mix decides eligibility. SBA treats RV parks and campgrounds as eligible only when more than 50% of revenue comes from guests who stay 30 days or less [2]. USDA's Business and Industry program finances resort trailer parks and campgrounds but not residential trailer parks [3].
• Most operators are small. Of 5,018 employer establishments in the industry in 2023, 3,471 had fewer than five employees [4].

This page sets out what the study must prove, the federal data it draws on, the state rules that shape a site plan, and how each financing program reads the result. For state detail, see the RV park feasibility study for Texas and the other state pages linked in the state rules section; for the national market picture, see the RV park and campground market report.

Every study ends in one of three conclusions: feasible as proposed; feasible with stated conditions, such as a smaller loan, a larger reserve or a different site mix; or not feasible as proposed, with the changes that would make it work.

What is an RV park feasibility study?

It is an independent analysis, written for the lender's file, of whether a proposed or existing RV park or campground can support its financing. USDA's rule describes a feasibility study as a report by an independent qualified consultant "evaluating the economic, market, technical, financial, and management feasibility of the proposed project" [3]. Those five parts are a sound outline for any capital source.

In federal statistics the business is NAICS 721211, RV (recreational vehicle) parks and campgrounds [5]. That one code covers a highway overnight park, a destination resort with a pool and cabins, a lakeside campground built around tent sites, and a park where most guests stay for months. So the study starts by defining the product: sites by type, stay mix, lodging units, amenities, open season and phasing.

A feasibility study is not an appraisal. An appraisal estimates value at a date; a feasibility study tests whether the project works and what would have to change if it does not. Lenders often order both. Under USDA's rule, for example, an appraisal is required when real estate collateral exceeds $250,000 [3], separately from the study.

What does a lender need the study to prove?

A lender needs proof that the park's own cash flow will repay the loan under the program's rules, and that nothing about the site, the stay mix or the operator breaks those rules. SBA's regulation puts it plainly: "Loans must be so sound as to reasonably assure repayment" [6].

Exhibit 1. What the lender asks and what the study shows

Source: SBA SOP 50 10 8.1; 13 CFR Part 120; 7 CFR Part 5001; 40 CFR 141.2; 44 CFR 60.3, as cited in each row.

SBA does not require a study on every loan, but its SOP lists conditions that may lead SBA to request one, including a highly specialized project property and a "project size disproportionate to size of community it will serve" [2]. A destination RV resort in a small town can meet both.

USDA is stricter. For a Business and Industry guarantee above $1,000,000 to a new business, a feasibility study by an independent qualified consultant acceptable to the Agency is required, and the Agency sets its scope [3]. The Agency also weighs "the strength of the feasibility study and experience of management" when it decides whether to raise the equity requirement [3]. For what separates a study a lender can rely on from one it cannot, see what makes a feasibility study bankable.

How do RV resorts, campgrounds and long-stay parks differ?

They differ in who stays, for how long and what the guest pays for, and each difference moves revenue, eligibility and site rules at once. Census puts all three in NAICS 721211 [5], so the study names the model before it picks comparables.

Exhibit 2. Three operating models compared

Source: SBA SOP 50 10 8.1; 7 CFR 5001.105; 40 CFR 141.2; U.S. EPA; 44 CFR 60.3, as cited in each row.

A resort must prove its premium. A campground usually spends less per site and lives with a shorter season. A long-stay park buys stability at a price: the more of it that works like housing, the closer it comes to the SBA and USDA lines and to state tenant rules. Census product data show what the industry sells: in 2022, RV and tent sites produced 80.9% of revenue, and all 4,889 employer establishments reported that line [25].

Exhibit 3. Where RV park and campground revenue comes from, 2022

Source: U.S. Census Bureau, 2022 Economic Census, Industry by Products (EC2200NAPCSINDPRD), NAICS 721211, United States [25]. Shares as published; selected lines.

Ancillary lines are common but small: 41.3% of establishments reported laundry revenue and 36.7% sold household fuels, yet neither line exceeded 1.0% of industry revenue [25], so a pro forma that leans on store or food income needs park records. Lodging units are a second business for about a third of parks [25]. And rent from commercial space counts only in SBA's global analysis, because projected coverage may not include rental income from the project property [2].

How large is the RV park and campground industry?

It is a $4.25 billion employer industry of about 4,900 establishments, most of them small. The 2022 Economic Census counted 4,889 employer establishments in NAICS 721211, with receipts of $4,251,045 thousand and 25,729 paid employees [5].

Exhibit 4. RV parks and campgrounds in federal statistics

Source: U.S. Census Bureau, 2022 Economic Census (EC2272BASIC), County Business Patterns 2023 (cbp23us), Nonemployer Statistics 2024 (nonemp24us). NAICS 721211 except where noted; NAICS 72121 also includes recreational and vacation camps.

The Census counts establishments, not sites, and no federal series counts RV sites. The study therefore counts competing sites itself.

Exhibit 5. Top ten states by RV park and campground receipts, 2022

Source: U.S. Census Bureau, 2022 Economic Census, EC2272BASIC, NAICS 721211 [5]. Shares calculated by FSC.

The ten states earned 55.1% of U.S. receipts. Texas had the most establishments but ranked third in receipts, at about $631,000 per establishment against about $1,408,000 in California and $3,169,000 in South Carolina (calculated from [5]). Average park size swings by state, so a study benchmarks against parks in its own market. The Texas page works through that state.

Exhibit 6. Establishments by employment size, 2023

Source: U.S. Census Bureau, County Business Patterns 2023, cbp23us, NAICS 721211 [4]. Shares calculated by FSC; published size classes sum to 5,016.

Revenue tells the same story. Of the 3,313 establishments that operated for all of 2022, 1,549 (46.8%) took in less than $500,000, while the 934 with $1,000,000 or more (28.2%) earned 68.5% of the group's revenue (calculated from [26]).

Exhibit 7. Establishments operated all year, by revenue size, 2022

Source: U.S. Census Bureau, 2022 Economic Census, Establishment and Firm Size: Revenue Size of Establishments (EC2200SIZEREVEST), NAICS 721211 [26].

A park in the $1,000,000 to $2,499,999 class averaged about 9.1 paid employees (6,265 / 686, calculated from [26]), a useful check on a staffing plan for a park of that size.

Institutional owners exist: the largest listed owner reports more than 220 RV resorts and campgrounds across 30 states and British Columbia [10]. But the typical borrower is an owner-operator, so management depth and the staffing plan for peak months are central credit questions.

Where does site-night demand come from?

Site-night demand comes from people who own RVs or camp, drawn to a destination or passing along a route. The study measures both in the subject's trade area. National data set the direction; local data set the numbers.

Public lands are the most visible draw

The National Park Service reported 323 million recreation visits in 2025, and overnight stays fell 2.4% from 2024 [11].

Exhibit 8. National Park Service overnight stays by category, 2024 and 2025

Source: National Park Service, IRMA Visitor Use Statistics, Overnight Stays National report [12]. Totals, changes and shares calculated by FSC.

Park campgrounds have fixed site counts, so when they fill, the excess goes to private parks near the entrances. And categories move in different directions in the same year: concessioner camping rose 10.1% while RV camper stays fell 5.2%. A gateway park's trend can run against the national one, which is why the study pulls monthly counts for the park units near the subject.

Exhibit 9. RV and tent camper overnight stays in national parks, 2015 to 2025

Source: National Park Service, IRMA Visitor Use Statistics, Overnight Stays National report, 2015 to 2025 [12]. RV share calculated by FSC.

Over the decade, RV camper stays rose 12.2% while tent camper stays fell 15.3%. In 2020, RV stays fell to 1,459,483, 40.8% below 2019, before recovering. One bad year can remove a large share of a market's campers, so the downside case should include an access event, a fire season or a road closure, not only a recession.

The RV fleet: shipments slowed in 2026

Exhibit 10. RV wholesale shipments

Source: RV Industry Association, monthly survey of manufacturers, December 2025 and September 2026 releases [13][14].

Shipments through September 2026 were 230,511, against 267,234 a year earlier [14]. Shipments flow into a fleet that lasts for years, so a weak year does not empty a park, but it thins the stream of new owners. The study treats shipments as context, not as a forecast of site-nights. Park model RVs moved the other way, so a park planning to rent park models or lease sites for them needs its own demand case for that product.

What RVing is worth to the economy

The Bureau of Economic Analysis puts RVing value added at $27,453 million in 2024, below a 2022 peak of $31,247 million, and real RVing value added fell 2.1% in 2024 [15]. RVing gross output was $58,114 million [16]. Outdoor recreation as a whole was $696.7 billion, 2.4% of GDP [17].

Exhibit 11. Value added by activity, 2019 to 2024 ($ millions, current dollars)

Source: U.S. Bureau of Economic Analysis, Outdoor Recreation Satellite Account, value added by activity, release of March 5, 2026 [15].

BEA's figures cover the economic activity and sales generated by outdoor activities such as RVing, including production of outdoor goods [17], so they are broader than stays in parks. Their use is directional: a pro forma should not carry the 2021 and 2022 peak forward.

Four kinds of demand, four models

1. Transient: nightly and weekly guests. Occupancy follows the season, weekends, holidays and events.
2. Seasonal: guests who stay for a season, winter in the Sunbelt or summer in the north. Deposits and renewal history are the evidence.
3. Monthly: stays of a month or more, often by people on temporary assignments. Occupancy is steadier, and rates per night are lower.
4. Long-term or annual: year-round sites. They steady cash flow but raise the eligibility and water system questions below.

How do transient, seasonal, monthly and long-term sites count for SBA and USDA?

SBA counts revenue by length of stay: more than 50% of revenue must come from guests staying 30 days or less [2]. USDA looks at purpose: a resort trailer park or campground run as a commercial enterprise is eligible, and a residential trailer park is not [3]. Neither rule bans long-stay sites; both cap how much of the park can work like housing.

Exhibit 12. How each stay type is treated

Source: SBA SOP 50 10 8.1, businesses engaged in renting or leasing; 7 CFR 5001.105(b)(8) and 5001.118.

Three practical points follow.

1. Count stays, not rate types. A "monthly" rate booked for a 30-night stay is transient revenue under the SBA test; a 31-night stay is not [2]. For an operating park, the study tabulates stay lengths from the reservation export.
2. Start-ups are tested on projections. A start-up's projections must show more than 50% of revenue from transients [2], so a plan that fills winter with monthly guests still has to clear the line for the year.
3. USDA reads purpose and revenue. Where a property mixes commercial and residential space, financing requires that not less than 50% of projected revenue come from business use [3]. Whether long-stay RV sites are residential space is a State Office determination, so the study states the share plainly.

The calculator's test cases show how fast the mix moves the SBA test. With 60 nightly and 20 monthly sites (illustrative inputs), transient site revenue is 74.7% of total revenue. With 30 nightly, 50 monthly and 20 annual sites, it falls to 31.5% and fails, even though modeled coverage is higher. Those are model results, not market facts. For a park near the line, see SBA or USDA B&I for an RV park.

How does seasonality shape occupancy by month?

Seasonality sets the shape of the whole year. In national park campgrounds, RV camper overnight stays ran from 72,804 in December 2025 to 370,954 in July [1]. A park with that shape earns most of its revenue in five months and carries debt service through the other seven.

Exhibit 13. RV camper overnight stays in national parks by month, 2024 and 2025

Source: National Park Service, IRMA Visitor Use Statistics, Current Year Monthly and Annual Summary Report, RV campers, all reporting parks [1]. Changes, shares and index calculated by FSC; months sum to the annual totals of 2,673,636 (2024) and 2,535,130 (2025).

May through September carried 64.5% of the year, and June through August alone 41.3%; November through February carried 14.0%. The shoulders moved most: October 2025 was 18.6% below October 2024 and March 13.5% lower, while July moved 0.4%. The downside case belongs in the shoulder months.

This national pattern peaks in summer. A Sunbelt park full of winter seasonal guests can invert it, and a highway park may flatten it. So the study builds its own monthly curve from local evidence: monthly visitation at the nearest public draws, the subject's own stay records if it operates, rates and availability at comparable parks across sample dates, and local events and climate. The curve is applied to transient sites; monthly, seasonal and annual sites follow lease terms and renewal history.

Debt service keeps its own calendar. Most 7(a) term loans are repaid monthly from the business's cash flow [18]. USDA requires B&I payments at least annually and lets the schedule "vary by type of business or cash flow" [3], which can suit a short-season park. In the 504 program, if projections show repayment in Year 2 but not Year 1, the borrower must show liquidity to cover the Year 1 shortfall [2]. The study reports coverage by month as well as by year and sizes a reserve for the months the park does not cover its payment.

The calculator above tests how a monthly demand curve, the stay mix and the loan terms combine into annual coverage, the SBA transient share, the months a park falls short of its payment and the peak occupancy needed to break even. Its default inputs, including the national park curve, are illustrative assumptions, not market data; a study replaces them with evidence for the specific park.

How does seasonality differ by region?

Sharply enough that no national curve should stand in for a local one. In 2025, Organ Pipe Cactus National Monument drew 66.8% of its RV camper stays from December to February, while Glacier National Park drew 73.5% from June to August (calculated from [1]).

Exhibit 14. RV camper overnight stays by season at selected national park units, 2025

Source: National Park Service, IRMA Visitor Use Statistics, Current Year Monthly and Annual Summary Report, RV campers, park rows for January to December 2025 [1]. Seasonal shares calculated by FSC from the monthly park values; regions are FSC groupings. NPS uses the same month of the prior year when a park has not entered data.

Desert units peak in February or March, with 39% to 67% of stays from December to February. Glacier, Olympic and the Ozark rivers put more than half of their year into June to August. The Colorado Plateau and the Gulf Islands spread demand across three seasons, with no quarter above 41%. Sleeping Bear Dunes peaked in September and drew 35.3% of its year in the fall.

Each pattern changes the study. In a winter-peak park, guests who stay more than 30 days add revenue that does not count toward the SBA transient share [2], so stay lengths in the peak months need records. A northern summer park may close for months, and its reserve must carry the closed season. The calculator's default curve is national; a study swaps in the nearest units' monthly counts and the subject's own records.

How should the study position rates?

By site type and season, from a dated survey of what comparable parks charge for the same dates, tested against the occupancy each rate assumes. No federal series publishes RV site rates, so the rate evidence is field work, recorded with dates and sources.

The survey records, for each comparable park: site class (full hookup, water and electric, dry or tent) and the electrical rating; pull-through or back-in, usable length and pad surface; nightly, weekly, monthly and seasonal rates and what each includes, especially metered electricity; peak, shoulder and off-season dates, holiday premiums and minimum stays; cabins and park models priced separately; and membership or long-stay discounts that cut the realized rate.

The subject is then placed in the local rate ladder. A premium over the top of the ladder needs a reason a guest will pay for, such as larger sites, water frontage or amenities the competition lacks. For an operating park, the study compares posted rates with realized revenue per occupied site-night from the reservation export. Performance is carried as revenue per available site-night, occupancy times realized rate, because that shows whether a rate increase pays for the occupancy it costs.

How is the competitive supply survey done?

The study inventories every campground and RV park that competes for the same guests within a defined drive time, public and private, and counts sites by type, season and rate. Census counts businesses, not sites [5], so it cannot stand in for a site inventory.

1. Define the market by guest type: drive time to the draw for destination guests, the highway corridor for route guests, commute time for long-stay guests.
2. List private parks from licensing or health permit lists where published, reservation platforms, operator websites and the drive itself.
3. List public campgrounds: national park units, national forests, Corps of Engineers lakes, state and county parks. Their availability calendars show when the market is full.
4. Record each competitor: sites by type, season, rates, amenities, condition and occupancy evidence from availability searches across sample dates.
5. Check the pipeline: zoning agendas, permit filings, utility requests and land marketed for RV park use.
6. Test fair share: compare the subject's share of competitive sites with the share of demand the study assigns it.

How many sites will the market support?

As many as the market's demand can fill at the plan's rates, tested by fair share and penetration rather than a ratio of sites to population. SBA lists "market saturation by industry type and location" among the conditions that may lead it to request a feasibility study [2].

The supply survey gives competing sites and their occupancy evidence. Demand is counted in site-nights: nights competitors already sell, demand turned away on sold-out dates, and new demand from a new draw, road or employer. Fair share is the subject's share of the market's sites after it opens; penetration compares the site-nights the pro forma needs with that share.

Exhibit 15. Fair-share test, illustrative model

Source: FSC illustrative model. Inputs are assumptions, not market data; outputs are model results.

Penetration near 100% asks the subject to perform like an average competitor. Above that, the study must show why guests will choose it: longer sites, better access, amenities the market lacks or a closer draw. Demand the survey cannot see, such as a planned attraction, is shown as a separate case, with coverage tested without it.

What site and technical issues decide feasibility?

Wastewater, water, power, flood and access decide how many sites a parcel can carry and whether a lender can insure and secure them. Each has a federal threshold the study checks before the site plan is final; state and county rules add their own.

Exhibit 16. Federal thresholds that apply to RV parks and campgrounds

Source: 40 CFR 141.2 and 144.81 and 44 CFR 59.1 and 60.3 (revised as of July 1, 2025); 13 CFR 120.170; U.S. EPA; SBA SOP 50 10 8.1, Appendix 6.

Wastewater is often the binding constraint on site count. An onsite system able to serve 20 or more persons per day is a large-capacity septic system regulated as a Class V well [21]; below that, EPA does not regulate non-residential systems receiving solely sanitary waste, and states and local authorities may set their own rules [21]. The study confirms the wastewater path, permitted design flow and soils before it accepts a site count.

Water classification follows the stay mix. EPA gives a campground as its example of a transient non-community system [19], but long-stay guests and resident staff can bring the same well within the non-transient or community definitions [7], and obligations change with the class. The study prices that in.

Power needs a utility capacity letter and a distribution design to each pedestal. Where long-stay sites are metered and billed back while nightly rates include power, the electricity budget depends on the stay mix.

Flood is mapped before the site plan is fixed. In Zones A1-30, AH and AE and in coastal V zones, an RV must be on site fewer than 180 consecutive days or be fully licensed and ready for highway use, meaning on its wheels or jacking system with quick-disconnect utilities and no permanent additions; otherwise it must meet manufactured home elevation and anchoring rules [8]. That falls hardest on the long-stay and park model sites that steady cash flow. SBA also requires flood insurance on financed buildings and equipment in a special flood hazard area [6].

Access, zoning and environmental. Large motorhomes and fifth wheels need turning radii, sight distance and road surfaces a small parcel may not offer. A local code may treat an RV park as a conditional use or cap length of stay, and SBA eligibility requires compliance with zoning and other legal requirements [2]. For environmental review, a park with fuel tanks or on-site vehicle repairs starts with a Phase I; otherwise a loan above $250,000 starts with a questionnaire and records search [2].

What site types and utility specifications does the plan need?

Each site type carries its own hookups, design sewage flow and support buildings, and state rules set many of the minimums. The study ties every site in the pro forma to a type the civil plan can serve.

Exhibit 17. Site types and the utility figures state rules attach to them

Source: state rules as cited in each cell, from the RV park state pages linked in Exhibit 19.

The flows add up fast. At 100 gallons per day per full-hookup space, 50 spaces reach 5,000 gallons a day (calculated from [31] and [47]), a regulatory line in three states: Texas limits an on-site sewage system to 5,000 gallons a day [56], New Mexico's liquid waste rule covers systems receiving 5,000 gallons or less [47], and Oklahoma treats a larger system as a public wastewater system with a licensed operator [50]. Illinois requires an engineer's stamp on sewage plans above 1,500 gallons per day [37], and Michigan requires an engineer when a project costs more than $15,000 [42]. Design flow is a budget and schedule item, not only an engineering one.

Exhibit 18. Minimum site size and spacing in selected state rules

Source: state rules as cited; sites per acre calculated by FSC as 43,560 square feet divided by the minimum site area.

Real plans carry far fewer sites once roads, bathhouses, drainage and amenities take their share, and big-rig sites need more than the minimum. The civil plan sets the count; the study checks it against the state minimum and the pro forma.

What do state rules require of RV parks and campgrounds?

In most states we checked, a park needs a permit or license from a state or local health authority, must meet design rules for water, sewage and layout, and may owe lodging or sales tax on short stays. The tables summarize the rules read for the states with FSC RV park pages; each state page has the detail.

Exhibit 19. Campground health and permit rules in 18 states

Source: state statutes, rules and agency or county publications as cited. The Arizona, Arkansas, Colorado and Missouri pages could not confirm state health rule text from a primary source; a study there obtains the rules from the agency and county.

Two findings run across the states. Permits often do not travel with a sale: Georgia's expires on a transfer of 50% or more, Louisiana, Mississippi and Tennessee permits are not transferable, Michigan's construction permit is nontransferable, and Nevada issues its permit again on a change of ownership [36][40][43][52][42][45]. An acquisition study budgets time to reissue them. And layout and utility minimums vary widely, which is why Exhibits 17 and 18 come from the subject's state rule, not a national rule of thumb.

Exhibit 20. Lodging tax and length-of-stay lines in state law

Source: state statutes, rules and revenue department guidance as cited in each row.

These lines split revenue into taxed and untaxed stays, and taxes collected from guests pass through rather than count as revenue. They also show where a long stay changes the legal relationship. A park planning 4-month winter stays in Arizona sits outside the transient tax and inside SBA's non-transient revenue at once [33][2].

Exhibit 21. Market measures for the 21 states with FSC RV park pages

Source: U.S. Census Bureau, 2022 Economic Census, EC2272BASIC [5] and EC2200NAPCSINDPRD [25], NAICS 721211; U.S. Bureau of Economic Analysis, Outdoor Recreation Satellite Account, state Table 2, 2024 [27]. Receipts per establishment calculated by FSC, rounded to $1,000; value added rounded to $1 million.

BEA's RVing figure counts production of outdoor goods [17], which is why Indiana, a manufacturing state, shows $5,166 million, more than Texas [27]; it measures the RV economy, not park demand. The site share of receipts runs from 74.0% in Missouri to 92.0% in Alabama [25], so ancillary and lodging income is benchmarked within the state.

How do park models, cabins and glamping change the study?

They add lodging revenue and a second set of rules, and the unit's legal class decides which building, flood, tax and lending rules apply. Room or unit accommodation produced 6.6% of industry revenue in 2022, 3.9% from units without maid service and 2.6% from units with it [25]. In some states it is the norm: 58.8% of Colorado establishments, 56.7% in Georgia and 52.1% in Illinois reported it [25].

Exhibit 22. Lodging units in an RV park and the rules that follow them

Source: 24 CFR 3280.2 and 3282.15 (revised as of April 1, 2025); 44 CFR 59.1 and 60.3; SBA SOP 50 10 8.1; 7 CFR 5001.105; state rules as cited.

Park model shipments rose 19.8% in the first nine months of 2026 while all RV shipments fell 13.7% [14]. A park renting park models needs its own rate and occupancy evidence, because a unit competes with cabins and motels, not RV sites. A park leasing sites to owners of park models needs proof of recreational use, because the HUD exemption covers units not designed for permanent occupancy [29].

RV park or manufactured housing community?

The line matters because SBA and USDA finance one and not the other: SBA's SOP says "apartment buildings and mobile home parks are not eligible" [2], and USDA excludes residential trailer parks [3]. A park drifts across when guests make it their home, manufactured homes replace RVs, or park models become primary residences [28][29]. State law adds lines: Arizona defines a mobile home park as four or more mobile home spaces and two or more RV spaces [34], and New Jersey's guidance treats every occupant as a transient guest with voter and vehicle registration at a permanent home address [46]. The study documents unit types, leases, stay lengths and residential revenue, a line worth only 0.7% of industry revenue nationally [25].

What does it cost to build and operate an RV park?

The cost is specific to the site plan, and no federal source publishes development cost per site, so the study prices the plan from the civil engineer's estimate and contractor quotes and labels any figure it cannot yet support as an assumption. Census data give a few national operating anchors.

Exhibit 23. Operating ratios from Census data

Source: calculated by FSC from U.S. Census Bureau, 2022 Economic Census (EC2272BASIC) and County Business Patterns 2023 (cbp23us), NAICS 721211. Values rounded.

These are averages across very different parks, used only to check a budget built from the bottom up.

Development budget: land; entitlement, engineering and permits; site work (clearing, grading, drainage, roads and pads); utilities (water supply and storage, wastewater, electrical distribution and pedestals); buildings (office and store, bathhouses, laundry, maintenance); amenities and lodging units; equipment and the reservation system; and contingency, interest during construction, pre-opening costs, working capital and the reserve from the monthly model. Each line cites a bid, a quote, an engineer's estimate or a labeled assumption. In a 504 project, the contingency fund may not exceed 15% of project construction costs [2].

Operating budget: payroll, utilities, reservation and payment processing, marketing, insurance, property tax, repairs, management, and a replacement reserve for roads, pedestals and buildings. The study splits fixed from variable costs, because the fixed share sets break-even occupancy and the size of the off-season shortfall.

How does a new RV park lease up? A worked model

No federal series reports how fast new RV parks fill, so the study builds the ramp from comparable parks and labels it an assumption. The model below uses the calculator's formulas; every input is illustrative.

The modeled park has 100 sites: 80 nightly sites at a realized $55 per occupied night and 20 monthly sites at $650 a month. Transient demand follows the 2025 national park monthly curve [1]. Peak-month transient occupancy is 50% in Year 1, 70% in Year 2 and 85% from Year 3; monthly sites are 50%, 75% and 90% occupied. Ancillary revenue is 8% of site revenue, variable expense 20% of revenue and fixed expense $260,000 a year. The loan is $4,000,000 at 7.5% over 25 years.

Exhibit 24. Lease-up by year, illustrative model

Source: FSC illustrative model. Inputs are assumptions, not market data; outputs are model results.

As modeled, the park is feasible only with conditions. Year 2 coverage of 1.12 misses the 7(a) test of 1.15 within 2 years [2]; a loan of about $3,883,000 meets it (model result), so the borrower needs more equity or a smaller project. Under the 504 rule, liquidity must cover the Year 1 shortfall [2]: $150,962 for the year, but $181,415 when summed month by month, and the reserve is sized on the monthly figure. Even stabilized, the park misses its payment in five months, so the seasonal reserve is permanent.

Exhibit 25. Stabilized-year sensitivity, illustrative model

Source: FSC illustrative model. Inputs are assumptions, not market data; outputs are model results.

The last row is the one lenders ask about. Shifting sites to monthly guests still clears 1.15, but the transient share falls to 44.5%, below the SBA line of more than 50% [2]. Coverage and eligibility are separate tests, and a park can pass one and fail the other.

Which financing paths fit an RV park or campground?

Four paths cover most loans: SBA 7(a), SBA 504, USDA Business and Industry guarantees, and conventional bank loans. The right one depends on location, stay mix, loan size and equity.

Exhibit 26. Financing paths compared

Source: 13 CFR Part 120 (revised as of January 1, 2026); SBA SOP 50 10 8.1; 7 CFR Part 5001 (revised as of January 1, 2026); USDA FY 2026 OneRD notice, 91 FR 11272. USDA resets guarantee percentages each fiscal year; confirm with the State Office.

SBA 7(a)

The 7(a) loan is the most flexible path: SBA lists uses from acquiring, refinancing or improving real estate and buildings to working capital, equipment and changes of ownership [18]. SBA's guaranty to one borrower is capped at $3,750,000 [6]. Eligibility turns on the transient test, and the SOP adds that "apartment buildings and mobile home parks are not eligible" [2]. A park run under a management agreement is reviewed for passive-business status [2], since passive businesses owned by developers and landlords are ineligible [6].

For a start-up or construction loan, projections must show coverage of at least 1.15 within 2 years of funding or of the end of construction, and global coverage of at least 1:1 [2]. Projected coverage may not include rental income from the project property [2], so rent from a store or restaurant leased to another business supports only the global analysis. For an acquisition, Appendix 15 requires at least 10% equity and historical coverage of at least 1.25 on an initial acquisition [2]; the study rebuilds revenue from reservation records by stay type and month and tests the transient share.

SBA 504

SBA describes the 504 loan as "long-term, fixed rate financing for major fixed assets" [24]. SBA's page cites a $5.5 million maximum [24]; under the regulation that figure applies to small manufacturers and certain energy projects [6]. The CDC must decide whether the property is limited or special purpose and explain its conclusion [2]. The SOP's example list names hotels, motels and other lodging facilities, marinas and swimming pools, but not RV parks or campgrounds [2], so the study gives the CDC the improvements, the alternative uses of the land and the cost to convert. If the park is treated as limited or special purpose, the borrower contributes at least 15% and the SBA loan finances no more than 35%; a new business on such a property contributes 20%, with the SBA loan at no more than 30% [2]. Each project must create or retain one job opportunity per $95,000 guaranteed by SBA or meet another program objective [2].

USDA Business and Industry

The rule names "resort trailer parks and campgrounds operated as a public or private commercial enterprise" as eligible tourist and recreation facilities [3] and excludes residential trailer parks whose primary purpose is independent housing [3]. The project must be in a rural area, and "applications cannot be approved subject to meeting rural area requirements" [3], so location is confirmed first. Equity is at least 10% for an existing business, 25% for a new business whose lender wants the guarantee before construction is complete, and 20% for other new businesses [3]. Terms follow the useful life of the assets, up to 40 years, with no balloon [3].

Conventional bank loans

Without a federal guarantee, terms come from each bank's credit policy. The study is built to the strictest likely test: monthly and annual coverage, a downside case and a reserve. A study written to the USDA five-component standard usually serves a bank as well.

What will each lender ask?

Each program asks whether the park's cash flow repays the loan, but each sets its own evidence rules.

Exhibit 27. Lender questions by program

Source: SBA SOP 50 10 8.1, Sections B and C and Appendices 14 and 19; 7 CFR Part 5001.

The common thread is industry comparison: SBA asks for "a comparison to current industry trends" [2], and USDA for comparisons with industry [3]. Exhibits 3, 7, 21 and 23 supply it from federal data.

What happens after the loan closes?

The study becomes the yardstick for each year's results. Under USDA's rule, the lender submits the borrower's financial statements within 120 days of the fiscal year end [3], annual statements are required above a $600,000 guaranteed balance [3], and the lender analyzes trends, ratios and covenant violations [3].

For new construction, the project is checked against the plans that supported the value. SBA requires a statement from the appraiser, contractor, architect or construction manager that the building was built to the plans and specifications behind the original appraisal [2].

An operator should track the study's measures by month: site-nights by type, realized rate, transient share, coverage and the reserve. SBA tests an existing park on the prior year's revenue [2], so drifting toward long stays can cost eligibility for a refinance or sale.

What must an RV park feasibility study contain?

1. A conclusion first: feasible, feasible with stated conditions, or not feasible, with the conditions or changes spelled out.
2. The project defined: sites by type, stay mix, lodging units, amenities, season and phasing.
3. Program fit: the SBA transient revenue share, or USDA eligibility and rural status.
4. The market area by guest type: drive time, route corridor and commute shed.
5. Monthly demand evidence: public land visitation, events, traffic and comparable park records, each cited.
6. A supply survey of every competing park and public campground, with sites, rates, seasons and pipeline.
7. A rate ladder by site type and season, with dated evidence.
8. Monthly occupancy by site type through stabilization, including the ramp.
9. Monthly revenue: sites, lodging and ancillary income.
10. An operating budget from quotes, tax bills and a staffing plan, checked against Census ratios.
11. A development budget with sources and uses, contingency, interest during construction, working capital and reserves.
12. Site findings: water system class, wastewater path, power, flood zone, access, zoning and environmental status.
13. Coverage by month and by year at the program's threshold, with downside cases for a weak shoulder season, a closure year and a rate cut.
14. A management assessment: experience, staffing and systems.
15. Every source and assumption listed, with model outputs labeled as such.

How long does the study take, and what does it need?

The schedule depends mostly on how fast site, utility and operating records arrive and on the survey covering its sample dates. An operating park's study also waits on a clean reservation export, because the stay-length test needs it.

Exhibit 28. What to send at the start

Source: SBA SOP 50 10 8.1; 7 CFR 5001.105; 40 CFR 141.2; 44 CFR 60.3; state rules as cited; FSC method.

The study then runs in six steps:

1. Scoping: confirm the capital source, program, loan size and the tests that apply.
2. Document intake: the items above.
3. Field and market research: site inspection, supply and rate surveys, demand evidence.
4. Model: monthly by site type, with base and downside cases, coverage and reserve sizing.
5. Review: the draft is checked against the lender's questions and revised only for new facts.
6. Final report: signed by Sarrah Allen, MAI, with written answers to the lender's follow-up questions. More about the practice is on the about page.

Download the evidence behind this page's exhibits (CSV, 1,060 data points with sources)