by John Stevens
December 2, 2010 11:30 AM
A well-known loan advisory firm and a nationally-recognized lender are teaming up to better provide SBA and USDA B&I loans to the self storage industry. The BSC Group LLC and Quadrant Financial, Inc. have joined to offer clients a new and specialized system that allows them to gain the expertise of both companies in a one-stop shop operation.
Paving the way is the recent decision by the U.S. Small Business Administration (SBA) to allow storage facility businesses to now apply for loans. Whereas in the past they were denied this ability unless more than 50 percent of the business came from sources other than monthly rent.
Quadrant Financial is a nationwide SBA Preferred Lender with specialization in the handling of real estate financing through government sponsored loan programs. The BSC Group is a nationally known financial and loan advisory firm with extensive experience working with the self storage sector. By working as a team, these companies can offer borrowers quick access to both self storage and SBA loan experts.
“We are thrilled about the recent enhancements to the SBA program which allow for financing self storage and we quickly decided that we wanted to immediately add self-storage to our diversified product mix. Because we emphasize superior and rapid delivery coupled with common sense underwriting, we recognize the importance of aligning with self-storage experts and The BSC Group turned out to be the perfect fit. Their team is well-known and well respected in the industry,” Quadrant president George Vredeveld said in a statement.
The recent changes in the SBA loan policies that include the self storage industry have created much excitement and opportunities in the industry at the moment, according to Shawn Hill, principal of the BSC Group. He stressed that it is important to find an active, SBA national preferred lender.
“Many lenders have expressed interest in jumping into this niche, but the fact that 95 percent of SBA lenders close very few deals on an annual basis makes it important to find a lender that is … also real estate focused, willing to be a leader in the self-storage asset class, and has a stream-lined process with a history of doing a high volume of transactions. Quadrant brings these attributes to the table. As a result, this alliance leverages our respective areas of specialization.” said Hill in a statement.
The BSC Group, LLC (www.thebscgroup.com), based in Chicago, offers financial and loan advisory, mortgage brokerage and workout solutions to commercial real estate property owners and investors, with a special emphasis on the self storage market.
Quadrant Financial, Inc. (www.quadrant-financial.com) is a subsidiary of First Chatham Bank which lends nationally and is actively offering SBA 7a, SBA 504, USDA, and conventional small business loans through a series of loan origination offices in many major U.S. markets. Quadrant is the 28th largest Small Business Administration (SBA) 7a lender in the country.
“The BSC Group and Quadrant Financial, Inc. Announce Self-Storage Financing Alliance.” Public Storage. Dec. 2, 2010.
“The BSC Group and Quadrant Financial, Inc. Announce Self-Storage Financing Alliance.” Pr. Com. Dec.2, 2010.