Financing for self-storage facilities
In self-storage, the property is the business: every rentable unit depends on the land and the build. We help you explore financing to buy it, or capital to improve it.
GROW™ — capital for your next stage
GROW™: up to $350,000, up to 10-year terms, no prepayment penalty and no specific personal collateral required.
What owners typically invest in
- Adding units or buildings
- Access control, cameras and security
- Climate control and facility upgrades
- Management and billing software
- Signage and local marketing
OWN™ — buy the building where you operate
Renting a storage facility means paying for the very asset that produces all of your income. Every upgrade to security, access and climate control raises the value of someone else\u2019s property. Buying it turns rental income into your own equity.
What lenders typically review
Lenders usually review how long the business has operated, its cash flow, the owners’ credit and unit occupancy and rate per square foot. For GROW™, reference guidelines include three or more years in operation, a personal FICO of 650 or above, a minimum SBSS score of 165, personal and business debts current, repayment capacity with a minimum DSCR of 1.25x and no bankruptcy in the last seven years. GROW™ does not require specific personal collateral, though limited business collateral requirements may apply. To buy the property through OWN™, your business must occupy most of the building.
Frequently asked questions
Can I buy the facility I operate?
In many cases, yes, if your business occupies most of the property. OWN\u2122 covers amounts up to $5 million or more.
Can capital fund additional units?
Expansion is a contemplated use. The amount depends on your cash flow and lender approval.
Can existing debt be refinanced?
In many cases, yes, to improve monthly cash flow, subject to program and lender requirements.
How long does a purchase take to close?
The target closing is 45\u201360 days and depends on a complete file.
Related uses of capital
Every rent payment builds your landlord's equity. With owner-occupied SBA financing, you can buy the building you rent today and turn that monthly payment into an asset you own.
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When debt payments squeeze your cash flow, growth gets hard. Restructuring that debt over a longer term can lower your monthly payment and give you room to operate.
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The right equipment lets you serve more customers, work faster and offer new services. With working capital you can invest in it without draining your operating account.
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Find out what your business may qualify for
Answer a few questions and an advisor will review your case, with no obligation.
All financing is subject to approval, financial analysis and lender terms.