Self-storage loan packages and lender matching
Self-storage sits in the specialty bucket. Leases are month to month, so lenders underwrite occupancy and street rates rather than lease term. Bridge lenders often take lease-up and expansion deals; permanent lenders want stabilised history.
What lenders scrutinize on self-storage.
Occupancy and rate history
Physical and economic occupancy over time, and street rates versus in-place rates.
Unit mix
Size mix, climate-controlled share and how it fits local demand.
Management
Third-party or owner-operated, and how revenue management is run.
Supply in the trade area
Competing facilities nearby and in the pipeline.
Expansion plans
Added units or conversions, with budget and lease-up assumptions.
What goes in the package
- Unit mix and occupancy report
- Rent roll or rate report
- T-12 operating statement
- Trailing occupancy and rate trend
- Expansion or capital budget if applicable
- Appraisal
- Sponsor and operator track record
- Trade area supply and rate comps
Metrics lenders size on
| DSCR | Often 1.25x–1.40xVaries by lender, loan program and market. |
| LTV | Often 60%–75%Varies by lender, loan program and market. |
| Debt yield | Often 8%–10%Varies by lender, loan program and market. |
Illustrative ranges, not a quote or a commitment from any lender.
Questions
What do lenders look at for self-storage?
Occupancy and rate history, unit mix, management, and competing supply in the trade area.
Does Dori support self-storage deals?
Yes. Self-storage falls under specialty, which is a supported property type.
Bridge or permanent for self-storage?
Lease-up and expansion deals often go to bridge lenders. Stabilised facilities with history are candidates for permanent debt.
One closed deal covers the year.
Start on the introductory rate and see a package come out of a real deal this week.