Murray, Michael
NBS Financial Services, Portland, Ore., arranged $4.6 million in financing for Snohomish Self-Storage in Snohomish, Wash.

Jeff Henderson, finance officer at NBS, originated the loan through a life company lender. The 65 percent loan-to-value carries a 6.625 percent interest rate at a 15-year term/15-year full amortization.

Snohomish Self-Storage has 707 storage units and 281 recreational vehicle/parking spaces. It was built in 1999 and is on 8.5 acres.

The borrower originally tried to gain financing through two local banks, but was unsuccessful. After the borrower contacted Henderson, he used NBS Financial’s Strategic Alliance Mortgage network to find lenders interested in financing the property.

Henderson said arranging financing for self-storage is considerably different than for other commercial property. "Many lenders look at self-storage as more of a business than real estate, which may be a deterrent to lending," he said. "Having so many RV and parking spaces was also a challenge. We had to dig deep to find the right match for the borrower."