A look at the self storage business.
Sba loans for self storage facilities.
Buying an existing self storage facility.
Once you re up and running you can focus on your operation instead of wondering how you ll make your next balloon payment.
Sba loans are especially good for self storage facilities because you can finance all of the construction interest and up to two years of loan payments.
A self storage facility is eligible for refinancing as long as the property has been operating under the same ownership for at least two years.
The funds from the sba 7 a can be used to refinance an existing loan.
Refinancing available in 2016 the sba introduced new rules that enabled borrowers to refinance a conventional loan on self storage properties into an sba 504 loan.
This post is primarily about 90 financing.
Sba loans are available to purchase refinance expand or build a self storage or mini storage facility.
Our self storage loan team will work with you from day one to get your money.
There are specific conditions for the loan to be used this way.
Refinancing a self storage facility.
Self storage construction financing self storage construction loans are possible via the sba real estate loan programs at 90 loan to cost up to approx 9 million 85 loan to cost above 15 million and in some case 80 loan to cost to approx 20 million.
This allows you some flexibility with your working capital so you can focus on renting out units rather than being concerned about immediate debt payments.
Rv and boat storage facilities are also eligible as are larger commercial storage units and in some cases cold storage warehouses.
Our self storage loan team can guide you through the process of building buying or improving a facility and help you discover the benefits of owning a self storage business.
How self storage facilities use sba 504 loans sba 504 loans are specifically intended for the purchase and improvement of commercial real estate as well as for the construction of new buildings.
With this loan you can build anything from basic self storage units to top of the line air conditioned facilities.
Self storage continues to be one of the fastest growing segments of commercial real estate.
The small business administration sba 504 loan program can help entrepreneurs lock down a facility for their business or help those who are already operating self storage facilities expand.
For more information check out our page on refinancing debt.
90 self storage financing possible with or without experience.
