Extra Space Storage
Bridge Loan Program
Introduced in 2019, Extra Space Storage’s Bridge Loan Program complements its ManagementPlus solution. This program caters to a range of partners, spanning from small operators to large funds. It offers short-term loans to both existing and potential third-party management partners, covering properties in any occupancy state. Our bridge loan program benefits self-storage owners that require both physical and economic stabilization. With the capacity to lend up to 80% of a property’s value, this program empowers owners to efficiently retire construction loans, unlock increased equity, or settle obligations with capital partners, all while realizing value creation through a non-taxable event.
Recently Closed Loans
Today, Extra Space Storage continues to achieve remarkable success through its Bridge Loan Program. Throughout 2020, even in the face of COVID-19’s uncertainties, we successfully finalized over $220 million in bridge loans for storage facility owners and operators nationwide.
Here are a few of our recently closed loans:
$22,400,000
MIRAMAR, FL
1,005 UNITS
$14,200,000
MEMPHIS, TN
738 UNITS
$7,280,000
FLORENCE, SC
504 UNITS
$11,000,000
ST LOUIS, MO
650 UNITS
$27,750,000
VAN NUYS, CA
1,167 UNITS
Extra Space Storage Bridge Loan Terms
- Interest Only
- Non-Recourse
- Property to be managed by Extra Space Storage
- Up to 80% LTV (regardless of cost)
- No Construction Loans
MEET OUR BRIDGE LOAN OFFICER
DYLAN TAYLOR
Senior Director, Bridge Loans
Dylan Taylor is currently the Sr. Director of Investments & Lending for Extra Space Storage. Dylan joined Extra Space in 2015 on the 3rd Party Management team initially assisting large partners with the asset management of their portfolios. He subsequently moved to a role focused on growing the management platform where he worked with external partners in assessing markets, underwriting existing and new development properties, and structuring and negotiating agreements. Along the way, he gained experience in joint ventures, bridge lending, and remote management stores. Before Extra Space, Dylan worked in the multifamily industry as a General Manager, in the hospitality industry as an Assistant General Manager, and in the ski industry.
Dylan graduated from Utah State University with a bachelor’s in public relations and a minor in Japanese. He currently lives in Salt Lake City with his beautiful wife, two children, a dog, a cat, and most recently a fish. He spends his free time outdoors mountain biking, boating, snowboarding, riding dirt bikes, and generally taking advantage of the natural beauty Utah has to offer.
FAQS
WHAT ARE THE BENEFITS OF HAVING MY PROPERTY MANAGED BY EXTRA SPACE STORAGE?
HOW LONG IS THE “INTEREST ONLY” PERIOD?
What is a "Non-Recourse" loan?
A Non-Recourse loan is a type of loan where the borrower is not personally liable for repaying the loan. In the event of default, the lender’s recourse is limited to the collateral (property) itself, and they cannot pursue the borrower’s personal assets.
What are the benefits of having my property managed by Extra Space Storage?
We don’t differentiate between our own facilities and yours. When you partner with us, you’ll get the same resources that make our properties so successful—including cutting-edge digital marketing, a call center focused on customer conversions, the highest-performing platform, and much more.
Is the 80% LTV fixed, or can it vary based on certain factors?
The loans are designed to offer up to 80% LTV, but the actual percentage could depend on factors like the property’s location, condition, and market conditions.
What is meant by "No Construction Loans"?
These bridge loans are geared towards existing properties, allowing you to acquire or stabilize a property without the complexities of funding construction projects.
Looking for More Information on the Extra Space Storage Bridge Loan Program?
Fill out the form below, and a member of our team will contact you with more details around our program. You can also contact Dylan Taylor, Extra Space Storage’s Sr. Director of Bridge Lending at dylan.taylor@extraspace.com.