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Refinancing a Commercial Self-Storage Facility
These days, everyone has more stuff than they have places to put the whole thing. As you might think, self-storage and mini-storage facilities have sprung up by the thousands from coast to coast lately. From major urbanized areas to suburbs to little towns, they're all over the place. And for space-challenged people and companies, they've become indispensable. This makes commercial storage facilities a good industry in which to leap into. But with land, buildings and facilities, they can also tie up a lot of capital.
If you own a few of these facilities, you may be hunting for techniques of refinancing a commercial self-storage facility. Well, there's good news for you. According to the Web site www.sba504blog.com, those looking for refinancing a commercial self storage facility are now ( as of late 2010 ) suitable for Small business Administration ( SBA ) loans of almost ninety % loan-to-value ( LTV ) of the facility's real-estate. Previously, refinancing a commercial self storage facility under an SBA programme were only admissible if more than half of the facility's revenue came from sources apart from the monthly rental of storage. ( Try making sense of that one )
The new guidelines permit enterprises which derive lots of their earnings from passive ( i.e, rental ) earnings to be accepted for SBA programs, so long as the owner controls both entry and exit to the grounds. This makes refinancing a commercial self-storage facility much more of settled.
One critical note about refinancing a commercial storage facility however , technically these guidelines apply only to "owner occupied / owner user" properties. Therefore , there's substantial debate about whether absentee-owned facilities or those which are not locally-owned are eligible for refinancing of a mini-storage business, even under the new guidelines.
However , the new axioms now give the opportunity to get or refinance multiple mini-storage warehouses, whether or not you already own more than one. In reality the maximum suitability is presently up to $5 million for regular SBA loans, and all the way up to $5.5 million for energy-efficient ( "green" ) facilities.
The increased suitability and increased maximums represent a unprecedented opportunity for those intending to refinance a commercial self-storage facility. So who do you talk to to get more information or to start the process of refinancing your commercial self storage facility?
Try Venture Funding Group and their FAST TRACK programme.
Venture Funding Group is an expert when it comes to working with the Small business Administration to help entrepreneurs secure the money that they want for refinancing a commercial self-storage facility and refinancing commercial passive revenue properties, such as office buildings, strip malls, trailer parks and campgrounds, and flea markets, all of which had been excluded under past SBA guidelines.
Why waste your time and energy dealing at once with bankers or the SBA? Venture Funding Group knows the ropes, the simplest way to streamline the whole process, and the way to get things done when it comes to refinancing a self-storage facility.
Under the SBA 504 Programme, owners of mini-storage properties can refinance a commercial building loan with a lower monthly payment, at lower interest, and with less private risk with a ninety percent LTV. This ninety percent LTV programme from the SBA will help you in finding financing even with lower credit worthiness scores.
To learn more, click www.thesbaloan.com now for completely free consultation and guidance. Or call us at 1-800-578-4884.
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