Biltmore Bank Bringing Value to the Self-Storage Industry
At The Biltmore Bank of Arizona, we aim to be a resource for business owners, trade organizations and investors who are seeking information on financing options in the self-storage industry. For construction, purchase or refinancing, we have conventional and SBA options.
As members of the Arizona Self Storage Association and the nationwide Self Storage Association, we stay up-to-date on the latest trends, laws and other concerns affecting the industry. More importantly, we listen to our self-storage clients to ensure that we understand their biggest challenges so that we can deliver the right combination of banking services and advice to help them achieve their goals.
Whether you’re new to the industry, growing your business, renovating your property or considering entering the market for the first time, we’ve compiled a few tips you may find useful when considering the investment.
Acquisitions- Bring your banker, accountant and perhaps your attorney into the transaction early in the process.
- Your banker can help you evaluate the financial performance of the property and/or business and help define the size of the loan the property will support through the cash flows it generates.
- Your accountant can help assess tax considerations.
- Your attorney will help you prepare and review the purchase contracts.
Construction- Finding a good general contractor is key to any successful new build or renovation. Most bankers who understand the market can help you find a number of qualified contractors. Finding contractors that have experience building self-storage projects is a good first step in preparing your budget. Your banker can help you figure out how much bank debt the project will support.
Although this information may seem obvious, don’t forget to consider the security and safety features of your self-storage property, as well as other factors that may affect your project’s financial projections, including the property’s ingress/egress configuration and whether any of the storage units are climate controlled.
Above all, start working with your bank professional early in the process. Please feel free to reach out to a Biltmore Bank representative. We have the expertise to assist you with your self-storage industry questions. Warm regards from all of us at the Biltmore, and we will see you at the next self-storage convention.