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. Groves Capital understands the unique requirements of self-storage loans, and are here to provide the guidance and financing necessary to get your project off the ground.
When considering a self-storage loan, lenders will look at the operating financial performance, value of the real estate, the local market and the credit profile of the borrower. That’s why it’s important to make sure you meet the qualifications for self-storage loans. Generally, self-storage lenders look for:
Debt Service Coverage Ratio of 1.20, or greater
Cash down payment of at least 15% (but can be as high as 30%)
Credit Score of 650 or greater
Competency to operate the facility
No recent bankruptcies, tax liens, or foreclosures within 5 to 7 years
At Groves Capital, we understand that self-storage loans are a specialized form of financing. Our experienced team of loan officers can help guide you through the process and ensure you have a financing solution that works best for you. We understand that self-storage loans are an important part of building or acquiring storage facilities, and we have the expertise to make sure you get the funding you need.
So if you’re looking for a commercial loan to help finance the building or acquisition of a self-storage facility, Groves Capital can help. Contact us today to learn more about our self-storage loan solutions and see how we can help you fund your project.
Self Storage Facility
STATES WE LEND IN
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Looking for lending in a state not listed? We do lend in other states on a case-by-case scenario. Give us a call to see what we can do for you.