SBA 7(a) Self Storage Feasibility Study in New York

New York self storage facility lending: dollars and loan size

SBA lists 47 SBA 7(a) loans to self storage facilities in New York between FY2017 and FY2026, with $55.2 million in gross dollars approved in New York. Half the New York loans sit at or below $745,000; the middle half of self storage facilities spans $272,250 up to $1.5 million. Set beside the nationwide self storage facilities median under SBA 7(a), New York reads 0.76x, a lighter lean for self storage facilities in New York. A franchise listing appears on 2.1% of the loans in this self storage facility cell for New York.

Nationally the state holds rank 11 for SBA 7(a) loans to self storage facilities by count; inside New York, the class ranks 21 of 39 among classes. FY2022 was the New York high point, 9 loans and $10.9 million together, while FY2026 shows 2 loans and $1.3 million. New York self storage borrows under 7(a), where land and construction can dominate a request, so this page shows how the program is used for real estate-heavy projects.

At the head of the New York holder list is Live Oak Banking Company: 19 loans and $30.8 million. Further New York holders include NBT Bank, National Association, which holds 6 loans valued at $1.4 million. Live Oak Banking Company heads New York's list in SBA's file on 47 loans: a record of self storage facilities loans held, rating no lender. The New York loans cluster in Oneida, which has 5; Monroe has 4 and Washington has 4. Further counts include Onondaga 3, Orange 3 and Sullivan 3.

Reading the outcome floors for New York self storage facilities

SBA's New York file for FY2017 to FY2024 shows 7.0% or more ended in cancellation, with the same 7.0% as a New York ceiling once undisbursed loans count. No charge-off rate appears: too few New York loans were funded, leaving losses unknown. New York's counts cannot pull RV and boat storage apart from ordinary self storage, so the totals run wider than unit-mix facilities. Only loans in SBA's New York files appear.

Testing a New York storage project

Supply is the main risk, so the study should count existing storage near Oneida by square foot per household and show how much of it is already full. Whether the loan works depends on lease-up pace, so keep occupancy low through a long opening stretch and show a loan near $745,000 still paid. Climate control, security and the unit mix all move construction cost, which calls for a contractor's budget behind the request. Street rates and move-in discounts erode revenue, and rent assumptions should be tested against competing quotes. An appraiser values a stabilized facility on income and a half-empty one on much less.