Self-Storage Conference Takeaways: April 29, 2024

Largo’s self-storage specialists met with over 100 borrowers and saw a shift in market preference from ground up development to value-add acquisitions & refinancing needs. In particular, West Coast borrowers seemed to be having a tougher time with construction financing as market supply reaches saturation. On the East Coast, development continues to get done, with more room for units in Western New York. It was apparent that many borrowers don’t know life insurance companies lend on CRE, and the appetite for low-leverage, small-balance life co loans remains strong. In addition, Largo’s national lending relationships will help borrowers receive bridge loans, interest-only perm loans, and more. ISS reaffirmed the value proposition Largo offers: we make the complicated simple.

The role of a mortgage banker has never been more valuable.  Borrowers benefit from our knowledge, expertise, and the ability to tailor hotel financing solutions to each client’s specific needs.  Largo primarily represents Life Co lenders, with a specific allocation for hotels, that are currently pricing in the high 6’s.  If a deal does not fit with one of our Correspondent Life Co lenders, we have access to a wide network of capital sources at our fingertips.