AMERCO, the parent company of U-Haul International Inc., has used crowdfunding to finance multiple self-storage facilities through an online program called the U-Haul Investors Club.
During the last four years, the program has raised more than $65 million in investments, referred to as U-Notes, according to a press release.
The Web-based investment platform is housed at uhaulinvestorsclub.com and is open to non-accredited investors in all 50 states as long as they are adult U.S. citizens. Investors can pick between starting a regular account, an IRA or a college-savings account.
U-Notes can be purchased for as little as $100, and there are no fees associated with the program, according to the release.
U-Notes are backed by specific assets, such as U-Haul self-storage locations or rental trucks and other moving equipment, and are registered through the Securities and Exchange Commission. Investments have fixed interest rates and defined payment schedules, with U-Note holders receiving quarterly payments comprised of interest and principal. By the time a U-Note matures, its outstanding principal has been repaid, company officials said.
Read more: http://www.insideselfstorage.com/