How to Get a Loan for a Mini Storage Facility

If you want to run a low-stress business, consider opening a mini storage facility. With any business, start-up capital is necessary. However, you'll need more than a small business loan to operate a mini storage facility. These types of businesses require a commercial mortgage loan.

Instructions

1. Maintain an excellent credit history. Commercial mortgage lenders are interested in two things, your credit score and your ability to repay the money. Check your credit report before applying for a loan. If necessary, raise your score a few points.

2. Establish credit in your business name. It takes time to establish business credit. However, if you don't want to apply for a commercial mortgage in your name, start a corporation and open a business credit account. Maintain the account for six months, and then apply for a commercial loan.

3. Create a thorough business plan. Lenders want to see a business plan before approving a commercial mortgage loan.

4. Get multiple commercial mortgage loan rates. Rates vary on commercial loans. To keep the payments predictable, attempt to secure an affordable fixed rate. If you have a fair or less than perfect credit score, expect a higher finance rate. However, you can refinance in the future.

5. Choose the lender that offers the best rate and term. Carefully review the mini storage loan quotes and compare the interest rate. Pick the loan with the lowest rate quote.