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Environmental Report Requirements for SBA Loans

In order to qualify for the SBA’s guaranty for 7a and 504 loans, the SBA requires certain levels of environmental due diligence be performed to provide assurance that the property site value is not hampered by previous contamination or environmental degradation. Reasons for diminished property site value may include: The costs of remediation could impair the borrower’s ability to repay the loan and/or continue to operate the business The value and marketability of the property could be diminished Lender or SBA could be liable for environmental clean-up costs and third-party…

What Is an Interest Rate Cap and Why May I Need One?

In order to protect from runaway interest rate risk, lenders often require borrowers to purchase interest rate caps at the time of loan origination to set the maximum interest rate that can be charged on variable rate loans. These caps have historically been at a moderate cost and seldomly triggered, as rates had not trended up in some time. But that changed in the first half of 2022, as interest rates increased dramatically and expectations are for this development to continue for the foreseeable future. As a result, the cost…

Cyberattacks Against Self Storage Are on the Rise. Here’s How to Stop Them

Since the pandemic started, self storage operators have been under increased threat from cyberattacks. Storage operators are not alone. All small and medium-sized businesses have endured increased sophistication and frequency of cyberattacks over the last couple years. But as an industry, self storage has been a latecomer to the digital landscape when compared to other sectors like retail. The rush to move to contactless operations and offer online rentals had many storage owners dealing with a level of risk and exposure to cyberthreats that they weren’t quite prepared for. For…

National Storage Affiliates Announces Management Promotion

National Storage Affiliates Trust today announced the promotion, effective July 1, 2022, of David Cramer from his role as executive vice president and chief operating officer to president and chief operating officer. We believe the Company will benefit from Dave’s elevated leadership role as well as his focus on operational execution and growth through acquisitions given his invaluable industry experience and proven track record of results.” Tamara Fischer, Chief Executive Officer, commented, “We are extremely pleased to announce Dave’s promotion to president of NSA. This promotion acknowledges his current and…

Benefits of Automation for Your Self Storage Facility

Automation, once thought to be something out of a sci-fi movie, is becoming an integral part of our everyday lives, and self storage is certainly not excluded. Over the last few years these technologies have skyrocketed. First, they were implemented out of temporary necessity during the pandemic, but the convenience and effectiveness they provide have made them here to stay. When thinking through what automations you should use at your facility, think about pain points you are having and how an automated system could solve them. Collections Take collections for…