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Refinancing a Commercial Storage Facility
These days, everybody has more stuff than they have places to put the whole thing. As expected, DIY storage and mini-storage facilities have appeared by the thousands from coast to coast in recent years. From major built up areas to suburbs to tiny towns, they're all over the place. And for space-challenged individuals and companies, they have become irreplaceable. This makes commercial self storage facilities a good industry in which to jump into. But with land, buildings and facilities, they can also tie up plenty of capital.
If you own one or more of these facilities, you may be searching for methods of refinancing a commercial self storage facility. Well, there's excellent news for you. According to the Website www.sba504blog.com, those looking for refinancing a commercial self-storage facility are now ( as of late 2010 ) fit for Small company Administration ( SBA ) loans of up to 90 percent loan-to-value ( LTV ) of the facility's real estate. Previously, refinancing a commercial self storage facility under an SBA programme were only eligible if over 50% of the facility's income was derived from sources aside from the monthly rental of storage. ( Try making sense of that one )
The new guidelines permit firms which derive lots of their revenues from passive ( i.e, rental ) earnings to qualify for SBA programs, as 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 self-storage facility however , technically these guiding principles apply only to "owner occupied / owner user" properties. Therefore , there is substantial debate about whether absentee-owned facilities or those which aren't locally-owned are eligible for refinancing of a mini-storage business, even under the new tenets.
However , the new guiding principles 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 eligibility is currently 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 unheard-of opportunity for those seeking to refinance a commercial storage facility. So who do you talk with to get more information or to begin 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 company Administration to help entrepreneurs get the funding that they need 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 financiers or the SBA? Venture Funding Group knows the ropes, how 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 Program, owners of mini-storage properties can refinance a commercial building loan with a lower regular payment, at lower interest, and with less personal risk with a ninety percent LTV. This ninety percent LTV programme from the SBA will help you to find financing even with lower credit scores.
To learn more, click www.thesbaloan.com now for positively free consultation and guidance. Or call us at 1-800-578-4884.
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