Eligible properties include single and multi-tenant properties including warehouses used for storage, as well as self-storage facilities.
Getting a storage loan for your property is possible provided it meets some of these basic conditions:
· Good location with solid occupancy history
· The potential for ongoing profitability
· Good access to primary thoroughfares
Basic Storage and Mini storage financing Highlights
– Keep your payments down with long term Mini storage financing.
– Very competitive interest rates.
– Financing can include a 2nd position seller take-back.
– Extremely competitive interest rate for Storage and Mini storage financing.
– Term: From pure variable to 20 and 30 year fixed.
– Many adjustable rate programs are available.
– Amortization up to 30 years.
– Up to 20% second lien position seller take back allowed in most cases.
– Most loans are acceptable with lender approval.
– Prepayment penalty varies with individual loan.
Here is the check list for Self Storage Commercial Loans:
1. Current Rent Roll including:
– Square Footage of units
– Lease abstract details such as: Escalations, commencement & expirations, add-ons, description of tenant, Description of any added rent that the tenant is responsible for (In addition three years of historical data would be ideal)
3. Complete detailed physical description of the property, along with the site map, floor plan, and property survey.
4. If acquisition, provide the copy of fully executed contract of sale.(indicates the date).
5. If refi, price originally paid for property, date of purchase and summery of current financing.
6. Floor plan and photos of the property.
7. Outlined recap of current financing (refinance only) including:
– Current lender
– Current principal balance
– Current interest rate
– Current monthly payment
– Due date
– Prepayment penalty information
8. Personal info and resumes info on the management and the owner.
9. Current personal financial statements (last three years)
10. Current Business financial statements (last three years).