Based on soft-quote and term-sheet loan quotes on self storage properties nationally, priced as permanent financing with loan amounts between $1,000,000 and $10,000,000, from April through July 2026. Spread-over-index quotes (SOFR, Treasury, or CMT) are resolved to an all-in rate using the current published index rate as of this writing; one floating quote stated only a bare margin with no index type specified by the lender and is reported as-is rather than resolved.
Fixed-rate quotes in this pool run from 5.87% to 7.67%, with a median of 6.52%. Floating-rate quotes, presented separately, range from 5.73% to 6.87%, with a median of 6.47%. LTV has a median of 59%, and DSCR requirements run from 1.10x to 2.30x. Of the quotes where recourse type was specified, all carry full recourse; separately, most carry personal recourse guarantees, with a notable non-recourse share as well.
Geographically, this pool includes North Carolina, California, Arizona, Colorado, Indiana, Kentucky, Massachusetts, Montana, South Carolina, Texas, and West Virginia.
Amortization schedules split fairly evenly between 25 years and 30 years, with a handful of shorter schedules. An interest-only period is present on about half of these quotes, ranging widely from 6 to 120 months. Loan sizes in this pool range from $1,200,000 to $9,893,000, with a median loan amount of $6,500,000.
| Metric | Range | Median |
|---|---|---|
| Fixed rate | 5.87% – 7.67% | 6.52% |
| Floating rate | 5.73% – 6.87% | 6.47% |
| LTV | 40% – 75% | 59% |
| DSCR | 1.10x – 2.30x | 1.30x |
| Recourse (of specified) | All full | — |
Fixed rate by loan size
| Loan Size | Range | Median |
|---|---|---|
| $1M – $5M | 5.90% – 7.67% | 6.75% |
| $5M – $10M | 5.87% – 7.00% | 6.27% |
Larger loans in this pool ($5M–$10M) are pricing noticeably tighter at the median than the $1M–$5M band — the opposite pattern from what shows up in some other property types, where bigger loans price wider. Self storage lenders may simply reward scale here more consistently than other asset classes do.
Fixed-rate quotes in this pool span a wide range, from 5.87% up to 7.67%, with the widest quotes concentrated in smaller loan sizes rather than any particular state.
Floating-rate quotes land close to fixed at the median (6.47% vs. 6.52%) — a narrower fixed/floating gap than typically seen in permanent multifamily or retail pools.
FAQ
What fixed rates is Lev seeing on self-storage permanent loans right now?
Lev is seeing a median of 6.52%, with most quotes falling between 5.87% and 7.67%.
What about floating-rate quotes?
Lev is seeing floating-rate quotes range from 5.73% to 6.87%, with a median of 6.47%.
What LTV and DSCR is Lev seeing required?
Lev is seeing a median LTV of 59% and a median DSCR of 1.30x across this pool.
Does loan size affect pricing in this pool?
Yes — Lev is seeing $5M–$10M loans price meaningfully tighter at the median (6.27%) than $1M–$5M loans (6.75%).
Where is self-storage lending activity concentrated right now?
Lev is seeing the largest clusters in North Carolina and California.
