Toy Storage Nation recently caught up with Anne Mino of Live Oak Bank to learn how to navigate the financial maze leading to successful RV and boat storage development. Anne joined Live Oak Bank in 2013 as a member of the marketing team, where she worked to bolster key relationships for business development. Her passion for finance and helping small business owners led her to her current role as a lender, focused on the self-storage industry. Her background in finance, marketing and business ownership make her a strong partner to help navigate small business lending options. Prior to Live Oak, Anne ran her own small business and she is currently a self-storage owner and investor. She has a bachelor’s degree from James Madison University.
What is the full scope of products/services that Live Oak Bank can provide to RV and boat storage developers and operators?
Live Oak Bank can provide financing for purchasing or developing land and facilities for boat and RV Storage. Our loan products offer a wide range of financing options, such as extended amortization periods, interest-only payment options, and other essential terms to meet the unique needs of this business. Loan proceeds can include everything from land purchases, development costs, interest carry, working capital, and loan-related soft costs.
How can developers benefit by working with Live Oak as opposed to another lender?
Here are some key benefits developers can receive by working with Live Oak Bank compared to other lenders:
- Industry expertise: Our specialized team of lenders, underwriters and closers have in-depth knowledge of boat and RV Storage and we know how to structure deals for success.
- Personalized service: Customers get dedicated support from our lenders who take the time to understand their business and goals.
- Quick turnaround: Our in-house decision making means we can review applications and provide loan decisions faster than large national banks.
- Competitive rates: Our rates and fees are highly competitive with other banks and we offer flexible down payment options.
- One-stop-shop: In addition to loans, our range of commercial banking services includes cash management and savings accounts, providing a comprehensive financial solution for your business needs.
- Long-standing industry relationships: Our approach involves cultivating lasting partnerships with industry professionals, whom we utilize for every project.
By choosing our bank, developers can benefit from personalized partnerships backed by competitive products and boat and RV Storage expertise to help their projects succeed. We are invested in their success.
Is the process of obtaining financing for developing RV and boat storage difficult and/or long? What can someone do to streamline the process? Are there specific stumbling blocks that developers can avoid and/or prepare for?
Our ability to focus specifically on storage and handle loans internally means that we have the capacity to complete the closing process in as little as 45 days. To ensure a smooth and efficient process, we recommend engaging with a lender as early as possible, organizing all necessary documents in advance, and being well-prepared with due diligence.
Here are some potential stumbling blocks self-storage developers should be aware of:
- Zoning and permit issues: The process of obtaining proper zoning and permits from local authorities can be lengthy and complicated. Hiring experts early to navigate this can help.
- Environmental impact studies: New developments may require environmental reviews, traffic studies, etc. which can add time and costs if not anticipated.
- Cost overruns: Unexpected costs during development can mount quickly. Conservative budgeting and contingency funds are important.
- Financing issues: Ensuring financing is solidly in place before starting helps avoid issues of inadequate funding.
Can a developer work with just any bank to get a loan for RV and boat storage, or should they find one with expertise in the storage industry, and, more specifically, RV and boat storage?
Working with a knowledgeable lender in the industry can prove to be incredibly beneficial for a project. Not only can it help avoid costly mistakes, but it can also ensure that all deadlines are met in a timely manner. Additionally, a lender with expertise in the field can structure the debt in a way that is most appropriate for the project at hand. This, in turn, can lead to better results for the customer. By leveraging their industry relationships, a reputable lender can also help secure the best possible outcome for their clients. Overall, collaborating with a lender who possesses industry expertise is a smart and valuable decision for any project.
Is there more than one type of a loan for RV and boat storage?
Our company provides three distinct loan options for RV and boat storage: Conventional, SBA 7(a), and SBA 504. Our primary objective is to match each borrower with the loan product that best aligns with their specific and unique goals, ensuring maximum benefit for their investment.
What do you like about working in this industry … and what do you like to do when you’re not working?
The aspect of this industry that I find most enjoyable is the people. Our clients come from a variety of backgrounds (NASCAR Driver, yoga instructor, almond farmer, reality TV star, fighter pilot), providing each day with a sense of excitement and distinctiveness. Our ability to create deals that have the potential to positively impact the lives of our investors is a source of pride for us.
Personally, I find the process of cultivating enduring relationships with borrowers throughout the duration of their loans to be particularly gratifying. Seeing our clients expand their investment portfolios with our support is a fulfilling experience. When I am not working, you can find me either sitting on the beach, enjoying time on my boat, cheering on my son at his sporting events, or catching up on episodes of Below Deck on BRAVO TV.
To learn more about how Live Oak Bank can guide you to RV and boat storage success, visit liveoakbank.com.
Don’t Miss Out: Toy Storage Nation Workshop, Sept. 29, 2023There’s just a few days left to reserve your spot for the Toy Storage Nation Executive RV and Boat Storage Workshop, Sept. 29, in Reno. This is your chance to learn the A-Z of RV and boat storage development and operations from industry experts, including Anne Mino of Live Oak Bank, who’ll cover the following:
- How to secure financing to keep the project moving forward,
- Does selecting a lender with RV & Boat Storage funding matter?
- Loan types to fit your needs.