Titan Bank Announces the Acquisition of Its Third Self Storage Property through Funding Loan
- Mar 24, 2014
Titan Bank, NA announced the acquisition of a 342 unit Self Storage property in Austin through the funding of a $985,000 loan, marking its third Self Storage property. With this transaction they now own and manage approximately 1,000 self-storage units.
Titan is engaged in this asset class, continuously looking to develop referral relationships across the country within the category, as well as all “owner user” types of commercial real estate. It offers 7 to 10 business day credit decisions, provides loan proposals within 24 hours of receiving the requisite information, and an expedited closing process.
“Titan Bank provided the long term financing for the purchase of this facility by a seasoned owner operating of self-storage properties. This acquisition added 342 units and 45,775 square feet of storage space to the borrowers business. The borrowers secured a SBA 7A loan which is a fully amortizing, 25 year term loan, that gives them the flexibility of a lower payment compared with a standard conventional loan. With this lower payment, the borrowers will have the ability to complete some additional improvements they have planned for the property in the near term,” says Pete O’Hern, senior vice president of Titan Bank.
Through this funding loan Titan extends its lead in the SBA, USDA, and small business lending sector. Recently, Titan Bank was awarded by the U.S. Government Small Business Administration the Rising Star Award, which recognizes it as one of the few remaining chartered banks with primary focus on loans to small companies.