Updated over 7 years ago on . Most recent reply
Self Storage Refinance
I have a portfolio of 6 self storage facilities that are currently financed with a local bank. The current arrangement of our mortgages is that every 5 years the interest rate will reset. We currently have a 20 year term.
I am looking to refinance our portfolio and lock in a long term interest rate (ideally for 20 years). I have reached out to a variety of direct lenders, CMBS lenders, etc. and the majority have said that they can only fix the interest rate for 10 years. Does anyone know of any lenders that would consider a long term interest rate lock? Is that something that is unusual in the self storage industry? I greatly appreciate it.
Most Popular Reply
@Matthew Turcotte I would echo Michael's comments. We are typically seeing 3-5 year terms on our bridge loans and 7-10 on longer term CMBS vehicles. If you would like to be connected with our broker network I would be happy to pass their names/contact info along.
Reach out via email and I will make the introduction.
Best Regards,
Kris