Live Oak Bank, which launched a lending division for self-storage developers, investors and owners, nearly two years ago, closed more than $137 million in self-storage loans last year. The firm has made nearly $160 million in 77 loans since launching its storage division, according to a press release.
The bank offers financing for acquisitions, expansion of existing facilities, new construction, refinancing of current debt, and renovation. It specializes in Small Business Administration (SBA) products and has focused efforts on educating self-storage owners about its lending options, the release stated.
“We focused 2016 on educating the industry about how to leverage SBA loan products through webinars, seminars, articles, blog posts and more,” said Terry Campbell, general manager of the bank’s self-storage team.
Campbell will present an education seminar on how SBA financing fits within the self-storage industry during the Inside Self-Storage (ISS) World Expo, which will be held April 10-13 at the Paris Hotel & Resort in Las Vegas.
Founded in 2008, Live Oak originally specialized in lending to veterinarians before expanding to other healthcare-related industries and specialty areas such as self-storage. The bank provides small-business loans for acquisitions, new construction, refinancing and other real estate loans. It was voted Best Finance Company by ISS readers as part of the 2016 “Best of Business” poll.
