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    2 Replies Latest reply on Jan 7, 2014 7:50 PM by PapaGator

    Funding not found for RV Park

    PapaGator Scout

      I have been trying every avenue I can find to search for funding. There are a lot of scamming funding companies. I tried to reach Bank of America. They sent me to the Merrill Lynch arm that asked for $250K  in my account before they could proceed. I would not be asking if I was already a rich person. Property is valuable but not the mobile homes. If my dirt is valuable then I can offer it as collateral. I would stick my neck out to get this going. I hope others are not facing this type of obstacle as they search for funding. Happy New Year to all.

        • Re: Funding not found for RV Park
          Tran Nguyen Tracker

          PapaGator,

           

          Finding funding is always difficult -- especially without an inside road or map to follow. As an accountant, I see this a lot and have addressed it quite a bit throughout my career.

           

          The main issue with finding funding is that banks are mainly concerned with a "working & functional" model. This means, they expect you to have it all up and running before they will push the button to give you money. This is problematic since it is only geared toward helping up and running businesses already -- and leaves all the start-up in the dusts.

           

          That is why I always recommend approaching Small Business Associations (SBA) for funding and assistant. Your land would be great collateral since they aren't making any more of it (haha). But they are also opened to listening to ideas and you get to "pitch" your business plan.

           

          Also, consider approaching the accountant, lawyer, or family members. Many of whom will have connections with bankers, financial institutes, and investors. This would give you an inside track to getting funding -- and making it much easier. Finally, consider credit unions -- as they are non-profits and regulate their own lending; they are normally much more open to lending.

           

          Lastly, presentation is a huge factor. I cannot tell you how many people have sat across my desk in a t-shirt and jeans with the next greatest idea to start a comic book shop. While I listen to all of them -- it is rather difficult to take them seriously. But if you show up at a bank in a suit (or business casual) and have the number of an accountant that they can call and talk with -- you are that much closer to funding your dream.

           

          I hope this helps! Good luck and hang in there!

           

          Tran Nguyen

          Accountant

            • Re: Funding not found for RV Park
              PapaGator Scout

              Hello, I will say the re-purpose idea of mobile home removal to make pads for RV's is the only environmental friendly use of the land. I am not wanting apartments or any other structures that would take up too much of the land. The replacement cost for new modular homes is way too expensive and I am tired of trying to keep the maintenance intact. If I cannot get financing I will remove the old mobile homes and live on my lot in a RV and have beautiful land all around us. I prefer the layout for RV Parking. My neighbors who have a very small window of opportunity of offering me their places is the real nice gesture. My savings and 401K are gone with the additional loans that have provided me with the land. If my business plan were understood I believe that the idea would proceed faster. My cash is nil. I need financial funds to acquire the neighbors and the commercial lot that would be the entrance and a new office building would be built to provide services and a living quarters for the managing family. I feel comfortable with my idea and I believe if done right the income could reach $500K annually. This would easily payoff the borrowed money. The location is the key for the redevelopment. It would not be a mistake to do this. It would bring in more travelers and visitors to see our wonderful area. I have tried to work with Banks, Credit Unions and online investors. I have horrible credit ratings. I will say that if I was so bad "FORD" would not have offered financing for the vehicle I have been driving for 2 years. My past is not marred with anything that would cause a negative view. Thanks for your message. Happy New Year to you and yours. How about the Tallahassee, Florida, FSU, Seminole football team.