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Self Storage Loans

Successful loan closing: $1.32M Self Storage Cashout Refinance

Tags: self storage loans, ministorage financing, cash out loans, short prepayment penalty
Friday, Aug 23, 2019
by Jared Shupe
The Madison Group (TMG), a leading national lending source of self storage financing nationwide, arranged the $1,320,000 cash out refinance for a 400 unit self-storage facility in Idaho.

With equity in the project, the borrower’s goals were to refinance his current debt and get cash out to build additional units.  TMG found a lender that not only accommodated his request but will modify current loan terms to help him grow as he adds additional buildings and units.   
 
TMG worked closely with both the lender and borrower to work through various lending program parameters, document requests, title and insurance hurdles, and other obstacles that arose on the path to loan closing - providing a smooth loan process for the borrower.   

Property:  Self Storage Plus
Loan Amount: $1,320,000 
Interest Rate:  4.50%  - Fixed for 10 years  
Term:   10 Years 
Amortization:   25 Years 
Prepayment:   4,3,2,1
LTV:   75%