Self Storage Facility
Self-storage loans are an important part of building or acquiring storage facilities, allowing the total cost to be spaced out over a 20-30-year period. We understand the unique requirements of self-storage loans and are here to provide the guidance and the financing necessary to get your project off the ground.
- Options for rural and non-rural storage facilities
- New construction and renovation financing available for experienced investors
Appointment
Unlocking Your Financial Potential Starts with a Conversation
Navigating the world of real estate financing can be complex. A personalized consultation with one of our specialists is the key to ensuring you’re fully aware of your financing options and making informed decisions to reach your goals.
- Personalized Assessment:
Our financing specialists begin by understanding your unique financial situation and real estate goals. This tailored approach ensures that the financing solution recommended aligns perfectly with your needs.
- Transparent Guidance:
No confusing industry jargon here. During the consultation, we break down complex concepts into clear, understandable terms. You’ll have a complete understanding of the mortgage process, rates, and terms.
- Customized Solutions:
Every borrower is different. Our specialists work to find the best possible mortgage solution for you, taking into account your financial goals, credit history, and current market conditions. We aim to make your homeownership journey as smooth and affordable as possible.
F. A. Q's
Frequently Asked Questions
Financing a self-storage facility can open doors to new business opportunities. Whether you’re looking to acquire an existing facility, build a new one, or make improvements, understanding self-storage facility loans is key. Here are some frequently asked questions to help you navigate the loan process.
A self-storage facility loan is a type of commercial real estate loan specifically designed for financing the purchase, development, or renovation of self-storage properties. These loans can cover various expenses such as land acquisition, construction costs, equipment purchases, and operational expenses.
There are several loan options available, depending on your needs. Some common choices include:
- SBA 7(a) loans: Offered by the Small Business Administration, these loans provide up to $5 million for various business purposes, including acquiring or building a self-storage facility.
- SBA 504 loans: Another SBA option, 504 loans offer fixed-rate financing up to $5 million for real estate acquisition and improvement.
- Bank loans: Traditional banks offer loans for self-storage facilities, with loan terms varying depending on the lender and your qualifications.
- CMBS loans: Commercial Mortgage Backed Securities loans are complex financial instruments that pool mortgages from various properties, including self-storage facilities.
Lenders typically look for borrowers with a strong credit profile, experience in the self-storage industry, and a solid business plan. The value of the real estate and the facility's financial performance will also be considered.
Loan amounts vary depending on the lender, loan type, and your specific situation. Generally, loans start at around $1 million and can go up to several million dollars. Factors like the value of the property and your down payment will influence the maximum loan amount.
The required documents can vary by lender, but commonly include a business plan, financial statements, tax returns, and property appraisals.