The Small Business Administration made changes last year to the 7(a) and 504 loan programs, easing debt burdens and simplifying capital access for self-storage owners. Learn about key modifications and new qualification terms.
Expansion of Eligibility
Increased Loan Amounts
Longer Loan Term
Streamlined Application Process
Additional Application of Seller Debt
HELOCs and Cash-Out Refinances Now Included
Requirements for Change in Ownership
Expansions With No Money Down
Personal-Resources Test Eliminated
Easier Debt Conversion
Third-Party Managed Facilities Now Eligible
Katherine D’Agostino the founder of Self-Storage Ninjas, which provides feasibility consulting and reports for the self-storage industry had an excellent article on this subject on Inside Self-Storage. The Storage Authority team is always recommending if you are serious about self-storage you have a subscription to ISS Magazine.
To view the article as a whole click the link below:
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