RESOURCES

Self Storage Loan Closes; Cash Out Too!

August 4, 2022

Congratulations to our Texas client who recently refinanced his self storage loan. He worked closely with Senior Associate Ryan Dumas and the rest of our team.

Ryan Dumas enjoyed getting to know our client, who managed to fit in getting us documents quickly, despite a very busy work schedule. Ryan noted, “I was very pleased that we found a great match for this self storage loan using our lender network. We found a competitive loan with fixed rates for a ten year note. My client got a decent amount of cash out, just from the terms of the loan. But even better, when the appraisal results came in and they were so favorable, we worked with the lender and got even more cash out! My client has lots of plans to continue to maintain this business and preserve his profitability. ”

A Self Storage Loan is a great bet right now. Why?

• Self Storage facilities tend to be easy to maintain. Unlike homes and other businesses with more complex headquarters, self storage facilities are designed for stuff and not people. There is limited water onsite. There may be a mix of temperature controlled units and those without. Even the electricity can be very minimal in these units. The most critical components of maintenance are typically security and lighting.

People need storage during lifetime transitions.  Most people need some sort of storage options at some point during their live. Whether customers are downsizing, moving to retirement communities, taking over the belongings of a loved one or changing locations for any reason, changing jobs or moving in and out of university settings, self storage is an affordable short term solution. Therefore, every community needs storage options of a variety of sizes and types.

• People store for longer than they anticipate. Storage customers typically rent as a stopgap measure. However, they tend to underestimate how long they will require storage. In addition, storage is so easy and the prices can be quite competitive. As a result, short term solutions often become long term patterns. This is great for owners!

Our GRP Capital team specializes in finding the right lender for each project. We save our clients time and money, as we research the best choices for their funding sources. Our experience allows our clients to find funding that is project-appropriate and will allow for sufficient cash flow. Whether you are looking to refinance or purchase, we would love to discuss your business plans with you. If you are considering becoming a first-time (or second or third time!) buyer, we can assist you.

Tags
  • storage refi; self storage unit; cash out loans
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