SBA 7(a) Self Storage Feasibility Study in Oklahoma

Smaller storage loans than elsewhere

The median Oklahoma self storage loan under SBA 7(a) is $577,500, which stands at 0.59x of storage borrowers elsewhere, and half of the loans lie between $242,425 and $900,625. In all, 28 approvals worth $25.9 million were made between FY2017 and FY2026. Oklahoma sits 20 on the national count; storage takes 17 of 39 within the state; franchise brands appear in 3.6%.

Two lenders, many counties

BancFirst is named for 7 loans valued at $4.2 million, while Live Oak Banking Company totals $9.0 million on 6 loans, the larger sum per loan. County counts are low and widely spread: Tulsa has 4, Canadian, Comanche and Custer have 3, and Creek, Oklahoma and Payne have 2. FY2017 was the strongest year, with 4 loans and $6.2 million, and FY2021 produced 7 loans and $2.7 million; since FY2022 yearly counts have run 1, 1, 1, 2 and 2.

Scope and missing rates

A yard for boats and recreational vehicles shares the self storage code and is counted here. The Oklahoma storage cell lacks cancellation and charge-off percentages, the early groups being small, and the blanks reflect cohort size alone. The rest of the page should therefore be read as evidence of how storage is financed in Oklahoma, not how it performs.

What an Oklahoma storage study must test

A storage project in Oklahoma should be argued on supply and demand within a short drive. The study should measure square feet of storage per household and the occupancy at existing facilities, and then build a rent roll by unit size and type. Outdoor and vehicle storage need different land than a multi-story building, and cost, utilities and drainage vary by site. Population growth in a particular town can be a reason to build, yet the study should not assume it; it should cite local permits and household counts. A lease-up forecast must show the months to reach stabilized occupancy and the reserve that pays interest in the meantime. With a median near $577,500, many loans are modest, which often means conversions of existing buildings or small additions, and the study should say which. The appraisal rests on income at stabilization, and coverage should hold at a lower occupancy.