Self-storage financing —
now a mainstream
asset class.
Stabilized self-storage finances at 65–75% LTV conventional — pricing close to multi-family. Climate-controlled, drive-up, RV/boat, ground-up construction: we have lender appetite for all structures.
Five structures. One
stabilization curve.
Stabilized portfolios price tightest. Lease-up properties need bridge debt. Ground-up requires a construction-to-permanent envelope.
Stabilized Acquisition / Refi
85%+ economic occupancy. 65–75% LTV, A-bank or monoline. Pricing close to multi-family — the cleanest file in the asset class.
Lease-Up Bridge
Under 85% occupancy. Bridge to stabilized takeout. 60–70% LTV (lender-dependent), 1–3 yr term, cash management on operating account.
Construction-to-Permanent
Ground-up self-storage. Land + servicing + vertical draws with automatic conversion to stabilized term at lease-up.
Portfolio Refinance
Cross-collateralized portfolio refinances. Pull equity, lower rate, extend amortization. Common at the 5–7 year mark.
Rent roll to funded —
six to twelve weeks.
Self-storage closes faster than hospitality, slower than industrial. The pacing items: specialized appraisal and lender confirmation of stabilization status.
Asset + sponsor intake
Rent roll, T12, square footage by unit type, climate-control %, sponsor profile, and prior self-storage experience. Takes about 20 minutes to compile — we guide you through it.
Lender shortlist + indicative pricing
3–5 self-storage-active lenders matched by stabilization status, market tier, and build type. Indicative pricing returned in 5–10 business days so you see live market terms before committing.
Conditions cleared — funds disbursed
Specialized self-storage appraisal, Phase I ESA, building condition report, insurance and survey. Lawyer closes; funds disburse per transaction type — acquisition, refinance, or construction draws.
Profiles we finance —
every stage.
Tap any situation below to see how we structure the deal.
If you’re…You own a stabilized climate-controlled facility at 90%+ occupancy
You own a stabilized climate-controlled facility at 90%+ occupancy
This is the cleanest file in the asset class. We route to A-bank or monoline lenders at 65–75% LTV with pricing close to multi-family. Strong sponsors with a track record can push toward the top of the band.
Get a term sheetIf you’re…Your facility is leasing up — currently at 70% occupancy
Your facility is leasing up — currently at 70% occupancy
Below 85% occupancy, conventional term debt is not available. We structure a lease-up bridge at 60–70% LTV with a conditional conversion to stabilized takeout once you hit the threshold. The bridge funds the stabilization curve.
Model my bridgeIf you’re…You're building a new self-storage facility on vacant land
You're building a new self-storage facility on vacant land
We coordinate construction-to-permanent financing — land, servicing, and vertical draws over 12–18 months — with an automatic conversion to a 5-year term once the facility stabilizes. One file, two phases, no desk-to-desk gap.
Start construction fileIf you’re…You own 3+ facilities and want to release equity across the portfolio
You own 3+ facilities and want to release equity across the portfolio
Cross-collateralized portfolio refinances often unlock more equity than per-facility underwriting. We structure the file to maximize blended LTV and equity release, then model the amortization tradeoff — extension vs interest cost.
Model my portfolioIf you’re…You're acquiring a tired facility and adding climate-controlled units
You're acquiring a tired facility and adding climate-controlled units
An acquisition + capex envelope funds both the purchase and the capital improvement in one transaction. We underwrite on the as-complete NOI so the capex budget does not shrink your day-one proceeds.
Structure my dealIf you’re…You want to finance RV or boat storage (covered or outdoor)
You want to finance RV or boat storage (covered or outdoor)
The lender list narrows for RV/boat, but appetite exists. Outdoor storage prices lower than climate-controlled; mixed sites (RV + indoor) get blended underwriting. We know which lenders engage and at what terms.
Find my lenderSelf-storage needs a lender
who actually does it.
Generalist commercial banks price storage as “industrial-light.” Specialized lenders price it on operating fundamentals — and we have those relationships.
| Capability | Our approach | Traditional bank |
|---|---|---|
| Lenders shopped | self-storage-active lenders mapped to your profile | 1 (often industrial pricing) |
| Stabilization-aware pricing | Stabilized vs lease-up modelled separately | One blanket policy |
| Climate-control premium | Built into NOI underwriting at submission | Often ignored by underwriter |
| Operator track record | Pre-vetted with lender ahead of submission | Submit-and-hope |
| Construction-to-permanent | One file — conversion subject to stabilization | Two separate processes, gap risk |
| Time to first quote | 5–10 days | 3–6 weeks |
| Portfolio cross-collateral | Structured to maximise equity release | Per-facility underwriting only |
Common questions,
clear answers.
LTV, DSCR, stabilization, rates, documents — answered plainly for storage operators.
Why is self-storage now a mainstream asset class?
Two reasons: institutional capital adoption (REITs and pension funds have allocated to self-storage at scale), and proven cashflow stability through cycles (recession, COVID, inflation). Default rates on self-storage are among the lowest of any commercial asset class. Lenders responded by deepening appetite, raising LTV ceilings, and tightening pricing.
What does 'stabilized' mean for self-storage financing?
Most lenders define stabilized as 85%+ economic occupancy held for 12+ trailing months, with rents at market or above. Below 85% (or recently leased up) typically requires bridge financing with a stabilized takeout once you cross the threshold.
What LTV can I get on stabilized self-storage?
65–75% LTV conventional. Strong sponsors with portfolios can push to 75% with select lenders. Bridge for lease-up sits at 60–70% LTV with cash management. Construction-to-permanent typically advances 70–80% of total project cost.
How does climate-controlled storage affect financing?
Positively. Climate-controlled commands $0.50–1.50/sq ft/month rent premium over drive-up in most markets. That premium flows directly to NOI and to LTV. We model climate-control mix into the underwriting before submission so the lender prices it in correctly.
Can you finance ground-up self-storage construction?
Yes, through a construction-to-permanent structure. We coordinate land + servicing + vertical construction draws (12–18 months) with a conditional conversion to a stabilized 5-yr term once the facility hits 85% occupancy.
Will lenders finance RV or boat storage?
Yes — though the lender list narrows. Outdoor RV/boat storage is treated as a lower-grade asset than indoor climate-controlled, and pricing reflects that. Mixed-use (RV + climate-controlled) gets blended pricing. We know which lenders have appetite.
What is the typical self-storage mortgage rate?
As illustrative broker estimates reviewed October 2026 (not quotes): stabilized facilities often price around the 5-year Government of Canada bond yield plus 1.75–2.75%, depending on operator and market; lease-up bridge debt roughly 7–10%; construction around prime plus 1–2.5% during the build, then a conventional rate after conversion. We confirm live pricing on your specific file.
What documents will I need for a self-storage mortgage?
Asset: 24-month rent roll by unit type, T12, occupancy history, square footage by climate vs drive-up, capex history, environmental Phase I, appraisal (specialized self-storage appraiser required). Sponsor: prior self-storage facilities, T1, NOA, T2 financials, REO schedule, banking, government ID, management software details if applicable.
We’ll try to beat your rate.
If we can’t, we pay you $500.¹
¹ Rate Beat: eligible Big-6 bank written offers only · same product, term & amount · $500 paid to you or your nominated charity at closing · conditions apply
Commercial mortgage specialists by city
Self-storage financing rates and lender appetite vary by market tier. Primary markets (Toronto, Vancouver, Calgary) price tightest for stabilized assets; secondary and tertiary markets require a more targeted lender list. Our commercial desk serves operators across Ontario and Canada.