Storage Unit Construction Financing

Self storage financing is available up to approx 9 million and 90 loan to value for a purchase or refinance and 90 loan to cost for ground up construction or expansion of a facility these loans are available for those who do and those who do not have storage industry experience. Sba will finance up to 5 million per one borrower. 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.

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Long term permanent 5 10 and 15 years.

Storage unit construction financing.

Sources of self storage construction loans are banks and private commercial lenders. Self storage continues to be one of the fastest growing segments of commercial real estate. The most popular self storage loans are conventional bank loans sba 7 a loans for commercial real estate and sba 504 loans. Is the projects location within the lending footprint of the bank.

Self storage construction loans are a unique product for many lenders. For long term loans more than 1 million the best source of financing is a conduit. Go this route when refinancing a short term loan or acquiring refinancing a stabilized property 80 percent plus occupancy. Self storage commercial mortgages are available for self storage and mini storage properties that are stabilized and located in high traffic areas.

Other alternative loan options exist but typically are meant for short term financing. Additionally loans can be guaranteed by the appropriate small business administration program. Do you make self storage mini perm loans. You should prepare for you initial meeting.

Is one of the. The loan is normally recourse meaning the borrower will be personally liable for the loan. Construction should be concrete block brick or wood framed. Sba loans are especially good for self storage facilities because you can finance all of the construction interest and up to 2 years of loan payments.

Self storage construction financing usually starts with a short term construction loan or bridge loan often interest only for up to 18 months. Properties located in a tertiary market are considered on a case by case basis. Typically construction costs can range is from 1 000 000 to 50 000 000. Prior to face time with the bank or construction lender ask the following questions.

Self storage financing is used to finance the purchase renovation or construction of self storage units and commercial real estate buildings. New construction loan options. Our self storage loan team will work with you from day one to get your money.

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