6 Best Self-storage Loans for 2023

Live Oak Bank offers competitive loan terms including low rates, long repayment terms, and high loan amounts. As an SBA Preferred Lender, it can also fund loans quicker than many other lenders since it has the ability to make final loan decisions without needing to get separate approval from the SBA. It is highly experienced with these loans, having funded the highest dollar amount of SBA 7(a) loans nationwide last year.

A benefit of working with Live Oak Bank is its ability to create customized financing plans. For instance, although it typically has a maximum loan amount of $5 million on its SBA 7(a) loans, additional funding can be offered by combining it with one of its commercial lending products.

In addition to the qualification requirements listed above, this provider requires a personal guarantee from all business owners who have 20% or more ownership interest in the company. You may also need to pledge personal assets as collateral for the loan. Loans with a term greater than 15 years also carry a prepayment penalty for the first three years.

To get started, you can complete the lender’s online form to request a callback. This can be completed in under five minutes as you’ll just need to provide some basic information about your business and financing needs.

If you’re looking for a bridge or fix-and-flip loan, Kiavi is a good option. It offers competitive rates and fast funding speeds along with flexible qualification requirements.

Kiavi can fund loans in as little as 10 business days. This is made possible because it can issue approvals without an appraisal or income verification. While it can work with new investors, experienced investors with more than five exits in the past 24 months get additional benefits in the form of lower fees and a dedicated account manager to assist with even faster closings.

One potential downside is that Kiavi does not offer lending nationwide. Currently, it offers financing in 32 states and Washington D.C. You can see the list of eligible states on Kiavi’s website.

To learn more about your options, you can visit the provider’s website and get pre-qualified online. There is no fee or obligation to accept a loan offer. The process consists of a soft credit pull, which does not impact your credit score.

Lendio has a network of over 75 lenders and was also selected for our list of the best business loan brokers for 2023. With just a single application to Lendio, you’ll gain access to its network of lenders.

One of the benefits of working with a broker like Lendio is the fact that you can save time and money since you won’t have to apply separately to multiple lenders. A large network of lenders means you’ll have a better chance of getting approved, and you can be presented with multiple loan options to choose from.

With Lendio, you’ll be paired with a lending specialist who will help ensure you’re getting the loan best suited for your needs. In other words, even if you are applying for a specific type of loan, its team will still explore other options. Based on its understanding of your business needs, it can present you with alternatives so that you can make a more informed decision on the best financing option to pursue.

One of the challenges with working with a broker, however, is that specific qualification requirements and loan terms will not be known until after you apply. This is because each individual lender can have varying eligibility criteria and loan offerings. However, Lendio has a quick application process, so you’ll typically know what options you might have within 24 to 48 hours.

You can visit Lendio’s website to apply, learn more, or find its toll-free number to speak with a team member. Online applications can be completed in under 10 minutes, after which you’ll receive additional instructions to upload documents. Applications are not considered complete until you have provided these items.

AVANA Capital is a good option if you are well-qualified and in need of a commercial bridge loan. Businesses with a good credit score of 680, a DSCR of 1.4x or greater, and at least three years of experience have a good chance of getting approved.

The provider can issue pre-approvals in as little as three days. Once you’ve located a property, closing can occur within 10 to 30 days. It offers loan amounts of $20 million and up, with interest-only payments for as long as 36 months.

In addition to being able to finance self-storage units, this provider’s bridge loan can be used to purchase multi-family homes, office buildings, retail stores, hotels, motels, and other commercial properties. AVANA Capital specializes in the hospitality, renewable energy, and owner-occupied real estate industries. It also offers SBA 504 loans, construction loans, and cannabis business loans.

It does not accept applications online, although it provides an online form that you can complete to request a callback to begin the application process.

US Bank is another provider that has high qualification requirements. You’ll typically need a good credit score of 700 or above, a DSCR of 1.25x, and at least two years’ time in business. While these criteria can be difficult to meet, businesses that qualify for a loan can get low rates and fast funding speeds.

Its best rates start as low as 6.99%. The rate you get will depend on the strength of your loan application and the type of loan you’re applying for. To learn more about what impacts rates, you can head over to our guide on CRE loan rates.

US Bank is also a preferred lender for SBA loans. This means that it can make final lending decisions without needing to get approval from the SBA. This saves time and leads to faster funding speeds compared to other SBA lenders who do not have the preferred lender designation.

One downside is that US Bank only has branches in 26 states, so you’ll want to confirm with one of its lending representatives if it offers financing in your state. To learn more or start the application process, you can complete an online form requesting a callback. US Bank also provides options for scheduling a physical or virtual appointment.

SBG Funding offers SBA 7(a) loans with easier qualification requirements. While SBA loans are generally targeted toward businesses with solid financials, SBG Funding tends to have more flexibility. You’ll have a good chance of getting approved if you can demonstrate some form of profitability, good cash flow, and manageable debt levels.

Some things to note with SBG Funding is that the maximum repayment term is 10 years. That’s shorter than many other loans on our list that offer up to 25 years. With a shorter repayment term, your monthly payments may be higher, so you’ll want to make sure you can afford it. Rates with SBG Funding also tend to be higher than other providers.

The provider also offers other types of loans, which include small business term loans, lines of credit, bridge capital, invoice financing, and equipment financing. You can see what options are available by submitting an online application, a process that should take no more than 15 minutes. There will be no impact to your credit score, and you’ll have the opportunity to speak with a lending specialist, who can answer any questions you may have.