Revenue from self-storage
in the United States is expected to increase at a 2.9 percent yearly pace through 2020. Growth is beneficial for both lenders and borrowers, therefore now is a good time to get a company loan.
The SBA 7(a) loan may be utilized for commercial real estate, and it appeals to company owners because of its simple qualifying criteria. SBA 7(a) loans are available through banks, credit unions, and conventional lending institutions, with 75 percent of the money guaranteed for loans up to $5 million.
The SBA 7 covers almost any lawful business purpose (a). Here are some examples of what you can do with the loan:
A self-storage facility is being built from the ground up
The SBA 7(a) may pay any of the expenses connected with new building, including bay doors, big concrete plots, alarms and security gates, and so on.
Getting a self-storage facility refinanced
The SBA 7(a) funding may be utilized to refinance an existing loan. There are certain criteria that must be met in order for the loan to be utilized in this manner; for more information, see our article on Debt Refinancing.
Purchasing a self-storage facility that already exists
Self-storage facilities are purpose-built, so buying an empty lot rather than building one may be more cost-effective. Commercial real estate and land may be purchased under the SBA 7(a) program.
The Top Uses for SBA 7(a) Loans is a useful resource
SBA7a.Loans also assists entrepreneurs with other government-backed lending programs. Another loan that is bigger than the SBA 7 is the SBA 504. (a). The 504 may provide more advantageous conditions, such as a smaller down payment. The SBA 504 is often utilized in conjunction with a conventional loan, with the expenses divided between the two.
We don’t only assist company owners with 7(a) loans at SBA7a.Loans; we also assist with other SBA loans, such as the famous SBA 504 loan. When compared to the 7(a) loan, the 504 loan offers smaller down payments and interest rates and may be utilized for commercial real estate, heavy equipment, and other fixed assets.
Set up a risk-free consultation with SBA7a.Loans now.