By: Live Oak Bank
Have you thought about adding mobile storage to your business? Mobile storage is an excellent addition to any facility allowing people to move and store their belongings with convenience and ease. As a self-storage owner, your priority is to provide safe and convenient options for your tenants to store their belongings. Mobile storage gives your customers more choices as they are transferring their belongings from one place to the next while giving you the opportunity to grow your business and increase cash flow.
How to Start a Mobile Self Storage Business
If you are a self-storage owner or operator looking to add mobile storage to your facility, you will need financing. Live Oak Bank specializes in financing to self-storage owners as well as mobile storage businesses. The dedicated self-storage team has structured a loan program that allows you to expand faster while having lower down payments. We asked Senior Loan Officer, Moe Kruger, to provide insight on what to expect when financing mobile storage. See his answers below.
- Q: What are the mobile storage financing terms?
A: Live Oak Bank offers long term financing for mobile storage containers, trucks and lift systems. These terms may allow the borrower to have one loan for all equipment needs.
- Q: Can you describe the financing process for a portable storage business?
A: This process has similarities to how self-storage facilities are financed. Live Oak’s requirements include a business plan, five years of projections and estimates or invoices on the containers, and a truck and lift system in place.
- Q: Can you finance the container lift system?
A: Yes, Live Oak can include lifts in our financing package.
- Q: What is the timeline to close on a mobile storage loan?
A: Typically, mobile storage does not include real estate which means an appraisal is not needed and this should speed up the closing process. Our average mobile storage loan closes within 50-60 days; however, this is dependent upon receipt of required documentation from the borrower.
- Q: What if I want to buy the warehouse to store the lift and truck as well as the boxes?
A: A warehouse can be the perfect addition for mobile storage. Keep in mind, the height of the ceiling is critical to be able to stack boxes. We have had several clients convert a warehouse into a mobile storage facility.
To learn more about your mobile storage financing options, contact Moe Kruger at email@example.com or visit liveoakbank.com/self-storage.
Are you interested in starting a mobile storage business? Contact Horizontal Lift today to learn more about our lift systems.