Cynergy Bank has begun to provide financing for the self-storage market, citing increasing demand and its “resilient” characteristics.
The bank pointed to the market’s “impressive growth potential”, highlighting around 52m sq ft of self-storage space and an estimated annual turnover of £930m.
It added that new facility openings and developments have continued despite challenging market conditions, demonstrating continued demand from customers including households, students and businesses.
Cynergy will serve businesses that want to acquire or refinance existing trading assets, and established operators that require turnkey funding.
The bank has also become an official supplier member to SSA UK, the principal trade association representing both self-storage operators and industry supplier members’ interests.
Kenny Stewart, head of commercial banking at Cynergy Bank, said: “The self-storage sector has demonstrated year-on-year growth and has proved to be very resilient.
“Cynergy Bank’s mission is to offer the UK’s scaling businesses a real alternative to mainstream lenders. With our knowledgeable relationship managers, we quickly learn our customers’ needs, understand the market and can deliver certainty at speed.”
Stewart added that the bank’s partnership with SSA UK will help it “reach this new segment”.
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