In quite a few conversations I’ve had with clients and individual bankers around the country recently it is apparent that the major banks are again confirming self storage’s risk profile and ongoing business prospects as something they would like to finance, in stark contrast to their opinions of the industry 6 to 12 months ago.
The money is now available to build that extra stage or to refurbish current premises as banks rediscover the creditworthiness of properly managed, well-run going concern self storage facilities that produce reliable cashflows and cover debt profiles.
Now would be the time, if you had contemplated a build over, or adding extra drive-up units, or in fact are contemplating a greenfield development in a good catchment area, to discuss those issues with bankers who understand the self storage industry… armed, of course, with a well researched valuation or feasibility report from an experienced industry expert valuer!
