Full Version: Self Storage Financing
Is there 80% first trust financing available for the purchase of a self storage facility? It could be recourse or non recourse. Loan amount just over $2mm. There is no seller carry......20% cash from a 1031 exchange
Depending on the strength of the guarantor, and the cash flow of the property, you could make a case for this financing at a commercial bank. While it is true that this is not the preferred type of property {some credit policies have self-storage listed as non-desirable}, it should be doable by some bank lenders if the other factors work out.
Max on our end will be 75%. Leme know how you make out. Thanks!
QUOTE(loanuniverse @ Sep 1 2005, 10:40 AM)
Depending on the strength of the guarantor, and the cash flow of the property, you could make a case for this financing at a commercial bank. While it is true that this is not the preferred type of property {some credit policies have self-storage listed as non-desirable}, it should be doable by some bank lenders if the other factors work out.
Why is self-storage considered non-desirable?
QUOTE(Vassk1 @ Feb 10 2006, 01:33 PM)
Why is self-storage considered non-desirable?
Competing product can come into the market very fast. I think some lenders got hurt in the past {just speculation on my part on the last part}
QUOTE(loanuniverse @ Feb 10 2006, 03:21 PM)
Competing product can come into the market very fast. I think some lenders got hurt in the past {just speculation on my part on the last part}
Thanks
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