The SBA 7(a) loan program can be used to refinance debt on a self storage facility.
The debt must qualify under SBA eligibility criteria.
That means that the original use of the proceeds of the debt to be refinanced must have been for an eligible purpose. Examples of eligible purposes include construction, acquisition and debt refinance. If the debt had been used for a cash distribution to the owners, it may not qualify.
The debt to be refinanced must also be on what the SBA calls "unreasonable" terms. Loans not fully amortized, meaning they have a balloon, are considered unreasonable by SBA.