SBA 504 & 7a Loan to Purchase Self Storage
Pro’s and Con’s to using SBA to purchase self storage facilities?
More time/paper/brain burden than financing with a local bank.
Seller needs to have better documentation and cleaner books generally.
Higher leverage generally with SBA either 504 or 7a.
Lower cost of funds at higher LTV than bringing in investors
With the right SBA lender, you can close within 30 to 45 days
Better fixed rate pricing with 504 program than traditionally bank financing
Generally more flexible underwriting with SBA 7a, and the right SBA lender
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