Live Oak Bank has launched an express loan product ideal for self storage developers and owners looking to improve or upgrade their facilities. Loans from $75,000 to $350,000 are available for working capital, facility enhancements and smaller renovations. Enhancements and renovations can include replacing old doors and roofs, upgrading technology, marketing your services, consolidating debt to improve cash flow and hiring key staff.
“Live Oak's express loan product benefits self storage owners and operators looking to reinvest, refresh and restore their facilities. Borrowers can access up to $350,000 and expect funding in as few as 10 days. There are no prepayment penalties, financial covenants or restrictions and most importantly we do not place a lien against your property,” said eLending General Manager, Jason Lumpkin.
Express Loan Benefits:
“At Live Oak, we understand the self storage industry. We aim to get owners and operators the capital they need, by offering small business lending solutions that allow them to thrive,” said Lumpkin.
Standard business loans from $350,000 to $7.5 million, depending on use of proceeds, are available for ground-up construction, acquisitions, renovations, conversions and more. Visit LiveOakBank.com/self-storage to learn more.