Wilmington, N.C.-based Live Oak Bank has closed its 107th self storage loan. Since May of 2015, the self storage team has closed over $226 million in loans to owner-operators nationwide.
Led by self storage industry veteran, Terry Campbell, Live Oak’s team members are frequent presenters at industry events and trade shows. The bank offers financing for acquisitions, expansion of existing facilities, new construction, refinancing of current debt and renovation from $75,000 to $7.5 million.
The volume of loans closed signifies Live Oak’s dedication to educating the industry on SBA lending products and making good deals to qualified borrowers in the self storage space.
“In two years from closing its first self storage loan, Live Oak has proved that they have filled a void in the industry by providing 107 more loans that may not have happened without the dedication of our team, their industry experience and their expertise on SBA loan products. Live Oak has brought financing options to an industry that has needed it for years,” said Campbell.
Mandatory site visits and an in-house construction loan team that works directly with contractors and facilitates draws set Live Oak apart from the competition.
“We only lend for solid deals to qualified borrowers. This helps to keep the industry healthy by preventing deals from going into an area that is overbuilt or that cannot support a new project. Live Oak has also helped many new owners turn around existing facilities with lots of potential, which helps to strengthen the industry,” added Campbell.
To learn more about self storage financing options, visit LiveOakBank.com/Self-Storage.