diff --git a/src/borg/storelocking.py b/src/borg/storelocking.py
index ac1700e99..9f2e5302d 100644
--- a/src/borg/storelocking.py
+++ b/src/borg/storelocking.py
@@ -463,12 +463,15 @@ class Lock:
                 if self.is_exclusive:
                     if len(exclusive_locks) == 1 and exclusive_locks[0]["key"] == key:
                         logger.debug("LOCK-ACQUIRE: we are the only exclusive lock!")
-                        while time.monotonic() - started < self.timeout:
+                        # check at least once, even if creating our lock already used up the timeout.
+                        while True:
                             locks = self._find_locks(only_exclusive=False)
                             if len(locks) == 1 and locks[0]["key"] == key:
                                 logger.debug("LOCK-ACQUIRE: success! no non-exclusive locks are left!")
                                 return self
                             blocking_locks = [lock for lock in locks if lock["key"] != key]
+                            if time.monotonic() - started >= self.timeout:
+                                break
                             self._log_blocking_locks(blocking_locks)
                             time.sleep(self.other_locks_go_away_delay)
                         logger.debug("LOCK-ACQUIRE: timeout while waiting for non-exclusive locks to go away.")
diff --git a/src/borg/testsuite/storelocking_test.py b/src/borg/testsuite/storelocking_test.py
index 181a46b30..e1dbb0b6f 100644
--- a/src/borg/testsuite/storelocking_test.py
+++ b/src/borg/testsuite/storelocking_test.py
@@ -92,6 +92,19 @@ class TestLock:
             assert len(locks) == 1  # only the non-exclusive lock of ID1 is left
             assert not any(lock["exclusive"] for lock in locks.values())
 
+    def test_exclusive_lock_on_slow_store(self, lockstore, monkeypatch):
+        # An exclusive lock is acquired if no other lock exists, even if writing our lock object
+        # takes longer than the timeout.
+        orig_store = lockstore.store
+
+        def slow_store(name, value):
+            time.sleep(0.2)
+            return orig_store(name, value)
+
+        monkeypatch.setattr(lockstore, "store", slow_store)
+        with Lock(lockstore, exclusive=True, id=ID1, timeout=0.1) as lock:
+            assert lock.got_exclusive_lock()
+
     def test_double_nonexclusive_lock_succeeds(self, lockstore):
         with Lock(lockstore, exclusive=False, id=ID1):
             with Lock(lockstore, exclusive=False, id=ID2):