About Storage Loans
Self-storage loan programs are usually used to finance the purchase or renovation of a facility. These loans typically have repayment terms of 10 to 25 years, depending on how you’d like to manage your loan payments.
To determine the financing of your loan, lenders generally consider the potential financial performance of the business, the value of local real estate, the local market in general, and the credit profile of the borrower.
Choosing the right loan for your storage operation depends on the goals for your facility and your business goals. Let Onyx Funding help you determine which loan package is best suited for your unique situation.
Types of Loan
Best-suited for start-up businesses and new facilities.
An acquisition loan can be used to cover costs associated with purchasing a new storage business.
When your facilities require rehabilitation, a renovation loan is an excellent choice to help cover the costs.
Choosing a loan can be a stressful process, and we’d like to help make it easier. We pride ourselves on our ability to create flexible and tailored financing for every business in need of funding. Contact us today to learn more about how we can help you make the right choice.
When to Use a Loan for a Self-Storage Facility
Investors interested in purchasing an established storage business typically use a loan to cover acquisition costs.
If you’re interested in starting a new storage business, a loan can help cover the costs of building or expanding structures and operations.
Renovating an existing property can be expensive, leading business owners to seek funding to cover the expenses.
Refinancing the existing debt associated with your storage business can result in lower payments or a longer repayment term.
The two most commonly required renovations for a storage business include replacing the rolling doors and reconfiguring the size and layout of the storage spaces on the property.
At Onyx, we acknowledge that every borrower has a different scenario and different requirements for their business.
The best way to figure out how to quickly and easily get funding for your business is to contact us so that we can answer the questions specific to your needs.
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