Live Oak Bank’s self-storage lending team strives to provide owners with the ability to build, acquire and renovate facilities nationwide.
We met John Lindsey, Former President of South Carolina’s Self Storage Association, in 2015 when he acquired Martin Mini Storage in Rockingham, North Carolina.
At 27, John has spent most of his life in the self-storage business. In the past forty years, the Lindsey family has developed and owned numerous facilities throughout the Southeast. We caught up with John to see how his self-storage business is continuing to grow and how owning Martin Mini Storage has changed his outlook on the industry.
Q: How has receiving a loan from Live Oak positively affected your business?
A: Receiving a loan from Live Oak was instrumental in the continued growth of Lindsey Self Storage Group’s portfolio, as it provided us an opportunity to expand our portfolio into a new and thriving market.
Q: What’s the best part of owning your own business?
A: The best part of owning your own business is the security that comes with it. You work a lot harder but it’s well worth it in the long run.
Q: Where do you see your business in the next five years? Expanding? Acquiring another facility?
A: Since acquiring our two locations with Live Oak Bank, our portfolio has grown to 14 locations throughout the Southeast – with no plans of slowing down in sight!
Q: Where do you see the industry going in the next five years? How could Live Oak help owner/operators keep up with industry changes?
A: With interest rates on the rise, we will see cap rates follow, and valuations begin to level off. This will provide tremendous opportunity for those with the right access to capital.
Q: What is the advantage to working with a lender who specializes in self-storage?
A: As a self-storage owner/operator, it is always difficult to find trustworthy, well-informed, and sturdy lenders to partner with for a new project. Live Oak exceeded all my expectations, and alleviated any concerns of mine through their streamlined lending process.
To learn more about John’s story and his success with Martin Mini Storage, watch his story below: