Types of Financing
- Construction / Improvements
- Start-Up (Business without financials)
Loan Amounts: $100,000-$5,000,000
Terms: 7, 10, 25 Years (depending if working capital, business only or real estate)
Interest Rate: Prime + .0% -2.75% (Varies by credit risk)
Loan To Value: 50 – 90%
Prepay Penalties: 1st Year 5%, 2nd Year 3%, 3rd Year 1%
- None to minimal lender fees
- Due Diligence Deposit (Appraisal, Environmental, Title work)
- Customary closing costs
- Construction fee, if applicable, to offset monitoring costs
- SBA charges a fee of approximately 3.5% (depending on loan amount and percentage of guarantee, usually 75%) This is 3.5% of the guaranteed PORTION, not 3.5% of the loan.
- US Citizen or permanent resident alien status
- Good credit/character
- Reasonable financial statement or credible projections
- Business must meet SBA size standards
- Collateral: First lien on land, building, inventory and equipment. Additional outside collateral may be necessary if the loan is not 100% collateralized.
It has only been in the past few years that self-storage facilities have been eligible for SBA financing. SBA financing may be a better option for many first time buyers and / or owners of self-storage facilities, or those looking to construct a site. In certain situations, SBA loans may be available to those who might not qualify for conventional financing.
To pre-qualify for financing, download the following forms and provide the following information:
- Loan Application (pdf) (Word) or Apply Online
- Personal Financial Statement (pdf) (Word)
- Resume (pdf) (Word)
- 2013 Year End Business Financials
- 2014 Year-To-Date Business Financials
This is a general guideline for documents normally needed depending on the type of financing being applied for.