By Drew Case
The cover letter is a vital aspect of your bank loan application. It should include various points that verify you have done your research and also have a plan in place to be successful.
Help the bank make approval of your loan an easy decision.
- Include an Executive Summary. This is a general overview of the entire development plan and the costs involved. You may also introduce your franchise partner, "Storage Authority" in your venture.
- Add a Site Layout that maps the area. This can be taken from any mapping tool and depict directionals, streets, property location, and any other details you deem necessary.
- Describe your Owner's Experience to reinforce that you are capable of owning and operating a self-storage facility. Be ready to answer any questions about net worth, liquidity or provide financial statements, and more.
- Outline your Operations and Marketing Plan. Detail how your plan will provide your roadmap to success and how Storage Authority Franchise will provide support in every aspect of your plan from day 1, and continue to support you along the way with a team of experienced self-storage experts.
- Provide a breakdown of actual Project Cost, Income & Expenses. This will verify you have done your research to prove that this is a profitable venture and low-risk for a bank loan. Include yearly and monthly revenue spreadsheets that verify your positive NOI.
A well-written and detailed cover letter will provide the bank with a solid basis to be able to say "APPROVED". Make your presentation one that makes their job simple.
Do you want to have a 15-minute call to learn how Storage Authority helps improve the systems, sales, marketing, and profits at your existing facility? If you are building from the ground up, let's also review how we help you find land and get your facility designed, approved and built. Please send me an email or call me- no appointment is needed. Drew@StorageAuthority.com or 513-582-0125. You can also click the link below to start your journey today:
Drew Case is a Franchise Director for Storage Authority Franchise. He has 30 years of self storage experience, from early on in the trenches, up to executive leadership as a Regional President. Drew enjoys teaching and training others the various aspects of a successful self storage location by reinforcing excellent service in operations. Catch him at a local car show with one of his several classic hot rods.
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