Wilmington, N.C.-based Live Oak Bank has launched an express-loan product designed for self-storage developers as well as industry owners who wish to upgrade their facilities. Loans from $75,000 to $350,000 are available for working capital, facility enhancements and smaller renovations, according to a company press release. In addition to conventional renovations, which may include door or roof replacement, funds can be used to hire staff, market services and upgrade technology, company officials said.
“Live Oak's express-loan product benefits self-storage owners and operators looking to reinvest, refresh and restore their facilities,” said Jason Lumpkin, the company’s e-lending general manager. “Borrowers can access up to $350,000 and expect funding in as few as 10 days. There are no prepayment penalties, financial covenants or restrictions; and most importantly, we do not place a lien against your property.”
The express loans are available on terms of up to 15 years and offer flexible down-payment options, the release stated.
“At Live Oak, we understand the self-storage industry. We aim to get owners and operators the capital they need by offering small-business lending solutions that allow them to thrive,” Lumpkin said.
The express-loan product is different than the bank’s standard business loans, which range from $350,000 to $7.5 million. Standard loans are available for acquisitions, conversions, ground-up construction, renovations and more.
Founded in 2008, Live Oak originally focused on 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.
