We’re looking forward to our second year at the Self Storage Association’s Fall Conference & Trade Show. For any of our clients and friends attending, please come see us at Booth 732 at Caesar’s Palace in Las Vegas on September sixth and seventh.
Biltmore Bank of Arizona is committed to deepening our ties in this industry, because Arizonans need a bank that understands self storage. The Arizona Self Storage Association estimates 950 self-storage facilities in our state, with more than half of those located in the Valley.
Through our work over the years with business owners, trade organizations and investors who are seeking information on financing options in the self-storage industry, we’ve developed specialized knowledge. Maintaining memberships with the Arizona Self Storage Association and the nationwide Self Storage Association helps us expand our knowledge and resources.
At the upcoming Fall Conference, we’re looking forward to hearing from keynote speaker Dave Rogers of Life Storage, who engineered Sovran Self Storage’s acquisition of more than 80 properties for more than $1.3 billion.
The tradeshow component of the conference will feature “the best and most innovative products and services that you need to develop, build, and operate your self storage business.” The programming portion includes a self storage economic summit and sessions on auditing, revenue management, real estate, technology and more.
This conference promises to be jam-packed with valuable information. Please make time to stop by and say hello to some friendly faces at booth 732 and look for our representatives at the educational presentations.
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.