All Forum Posts by: Britt Wasson

I'm looking for a short term 2nd Mortgage on Commercial Property to expand my RV Park. My property is worth $3m+. I owe $1.17m with a 30 year first mortgage at 3.5%. I need $500k to expand & open the RV Park on our amazing 45 acre property. 12 to 18 month construction loan would be plenty of time to build the pad sites, add the additional electric/water, rent the spots and secure financing (or equity partner) to take out the 2nd loan. Even a 20% loan would put my aggregate rate at 8.44% with the ability to take out the high interest piece quickly.

We're 12 miles from Downtown Tulsa. The RV Park just a mile south of us has 175 units fully occupied with a wait list.

Any ideas or directions would be appreciated.

Investment Opportunity: Unlocking Value in Tulsa's Booming Commercial Property Market

Bank & Broker Hurdles: 2nd mortgage, low loan amount and start-up

Question: Should I be able to find investors that will accept an under 65% LTV 2nd position for a 24 month term, interest only @ 12% or an equity position at $300k per 10%

Overview: I own a prime 45-acre multi-use commercial property strategically located a mere 12 minutes north of Downtown Tulsa. The existing infrastructure includes an RV park with 16 hook-ups, complemented by an impressive 81,000 square feet of diverse buildings, featuring a state-of-the-art 54,000 square foot indoor arena, a 26-stall indoor horse stable, a 40-stall covered barn, public restrooms, and a 3,500 square foot, 20-foot ceiling insulated metal building. Notably, the property's efficient water management system redirects all guttering and downspouts to underground piping leading to the property's ponds.

Expansion and Enhancement Plans: With a strategic infusion of $650k, we are poised to realize significant value and cater to the burgeoning demand in the Tulsa region. The proposed allocation of funds will enable:

1. RV Park Expansion: Increase capacity from 16 to 62 units, seizing the opportunity presented by the high demand in the area.

1. Bath House and Laundry Facility: Construct a modern bath house with laundry amenities within the RV Park, enhancing convenience and comfort for guests.
2. Paddock Expansion: Enlarge property paddocks to accommodate a wider range of activities and offerings, further solidifying our premier destination.
3. Restaurant / Commissary: Establish a top-tier dining experience within the existing Indoor Arena, providing an additional revenue stream and creating a unique attraction.
4. Geogrid RV Pads: Implement geogrid pads equipped with 30a or 50a service, water, and sewer connections, ensuring a seamless and high-quality experience for RV enthusiasts.

Market Dynamics: The potential for success is underscored by the strong demand for RV parks in the region. A neighboring RV park just a mile away boasts 175 units and is currently operating with a wait list. With the proposed enhancements, we expect our RV park to achieve full occupancy within a year.

Financial Snapshot:

• Current Property Value: $3 million
• Existing Mortgage (30-year @ 3.5%): $1.17 million
• Investment Amount: $650k
• Target Selling Price: $6 million plus
• Target Time Frame: 24 months

Conclusion: This project presents a compelling opportunity to invest in a well-positioned, versatile commercial property in the heart of Tulsa's vibrant market. The combination of strategic enhancements and robust market demand sets the stage for a lucrative return on investment.