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So far Live Oak Bank has created 201 blog entries.

Know The Key Players In Your Loan Process: Closer

By |December 17th, 2014|

When you apply for financing for a dental practice purchase, startup or construction project, you’re engaging not only your lender, but a whole group of specialists who bring your loan to fruition. Understanding the roles of the players who create and deliver your loan package can help you gather the appropriate information and more easily navigate the financing process.
So who are the players in the loan process?
Closer
Once a commitment is made by the institution to provide financing, the closer assembles, verifies and prepares closing documents in order to complete the loan transaction. The closer arrives at detailed and accurate financial numbers, prepares all required paperwork for the borrower to sign, and walks the borrower through documentation to make sure everything is understood and the deal is successfully completed or closed. The closer also ensures proper funding of the loan.

Live Oak Bank Announces Financing to Texas-based Pinballz

By |December 16th, 2014|

Tuesday, December 9, 2014 – Wilmington, NC – Live Oak Bank, headquartered in Wilmington, NC, the nation’s only bank whose sole mission is to provide financing to independent business owners, announced financing to Pinballz Arcade and Pinballz Kingdom. The original business, Pinballz Arcade, is based in Austin, TX, with Pinballz Kingdom recently opening a second location in Buda, TX, on the south side of Austin.

Owned and operated by Darren Spohn, Pinballz obtained 100% financing to assist in refinancing existing debt and to provide additional working capital for the renovation and purchase of equipment at the new Buda location.

“Live Oak Bank’s friendly and professional team made it a point to fully understand our business, and even assigned an FEC advisor who was extremely knowledgeable in the industry and served as an active and valued advisor,” said Darren Spohn, President and CEO of Pinballz Arcade.  “The entire management team showed a genuine interest in our success more than just making a return […]

Know The Key Players In Your Loan Process: Chief Credit Officer

By |December 16th, 2014|

When you apply for financing for a dental practice purchase, startup or construction project, you’re engaging not only your lender, but a whole group of specialists who bring your loan to fruition. Understanding the roles of the players who create and deliver your loan package can help you gather the appropriate information and more easily navigate the financing process.
So who are the players in the loan process?
Chief Credit Officer
The chief credit officer holds a senior management level position, often working in conjunction with the bank’s board of directors and senior officers to ensure the quality of the bank’s lending portfolio. The chief credit officer has the final say on whether or not to lend, providing ultimate approval or disapproval of each loan application that comes through the bank’s door. An experienced CCO can review and approve or reject a loan application in about 48 hours. The chief credit officer may also create policies and guidelines for granting credit to the […]

Will Your Pharmacy Survive Winter Holiday’s?

By |December 3rd, 2014|

What if we told you it’s possible to do more than just “survive” this Holiday Season?
Black Friday has officially kicked off this year’s busy retail season, and you may be wondering how you will survive Christmas 2015. We know firsthand that major shifts in customer volume and stock shortages are hard to predict. Nevertheless, we want to assist you in taking care of the things that you can control. And, to help you eliminate stress and make sure your operations run smoothly, we created a simple list of practical tips that will help prepare your pharmacy for the Holiday Season.

Make sure your shelves are properly stocked, so customers who come in to purchase specific items don’t have to wait in the long lines just to ask if you have more. On the flip side, avoid packing shelves with too much merchandise: displaying fewer items creates the sense of urgency and motivates customers to buy while supplies last.

Place products strategically throughout […]

Nancy McCann Receives NAGGL’s Advanced Lender Diploma

By |December 2nd, 2014|

On October 29, 2014, Nancy McCann of Live Oak Bank received NAGGL’s (National Association of Government Guaranteed Lenders) Advanced Lender Diploma recognition. As the 20th person in the United States to receive this award, McCann stands with seasoned Small Business Administration professionals who have proven to have in-depth knowledge of both lending and the SBA.

To successfully meet the requirements of NAGGL’s Advance Diploma Program, McCann completed advanced courses on the SOP 50 10, Cash Flow Analysis, Loan Documentation and Closing, and Loan Servicing and Liquidation. In addition, she successfully completed the Final Application Project further displaying her expertise on loan process.

Nancy McCann graduated from Peace College with an Associate of Arts degree and Meredith College with a Bachelor of Arts degree and a Paralegal Certification.  Over the past 17 years, she has worked with national lenders in many aspects of the U.S. Small Business Administration program, including compliance, closing and servicing.  Nancy started with Live Oak Bank in 2009 as […]

Know The Key Players In Your Loan Process: Underwriter

By |December 1st, 2014|

When you apply for financing for a dental practice purchase, startup or construction project, you’re engaging not only your lender, but a whole group of specialists who bring your loan to fruition. Understanding the roles of the players who create and deliver your loan package can help you gather the appropriate information and more easily navigate the financing process.
So who are the players in the loan process?
Underwriter
The underwriter is perhaps the most influential person in the loan process. He or she researches and prepares your financial “story” and presents it with the loan package to the credit officer. The underwriter develops a detailed credit memo summarizing the background of the borrower and specifics of the loan package, and then presents the credit memo to the credit officer who approves or rejects the loan request. Key responsibilities of the underwriter include verifying that all information provided by the borrower is accurate and assessing the eligibility of the borrower to receive the […]

Preparing for the Sale of Your Business – Putting Your “Financial House” In Order

By |November 26th, 2014|

There are many reasons why an owner or operator decides it is the right time to sell his or her small business, whether it be retirement, relocation or many other personal or financial reasons.  And once that decision is made, there is often an expectation of what the purchase price should be – based on any number of sources, but in fact, the ultimate sale price will be based on a combination of asset values, annual revenues, multiples of earnings and/or other possible intangible considerations.

In order to maximize the company’s value and therefore achieve the highest possible sale price, a seller should begin planning long before going to market.  An owner should be prepared to deliver the types of information and analyses needed for a potential buyer and his or her financial advisors to assess and validate the true economic results of the business.  A broker or consultant with industry and financial experience can help set realistic expectations about the […]

Know The Key Players In Your Loan Process: Lender

By |November 24th, 2014|

When you apply for financing for a dental practice purchase, startup or construction project, you’re engaging not only your lender, but a whole group of specialists who bring your loan to fruition. Understanding the roles of the players who create and deliver your loan package can help you gather the appropriate information and more easily navigate the financing process.
So who are the players in the loan process?
Lender
Many borrowers tend to believe their lender is responsible for approving their loan application. The true role of the bank lender is to provide the interface between you and the financial institution by collecting the information necessary to prequalify you for funding and ultimately gaining loan approval from others in the bank. The lender ensures that the borrower represents a reasonable financial risk for the institution, and the financial institution is able to offer a favorable financing package. Once all the necessary information is collected from the borrower, the lender packages the loan request […]

Beyond the Boardroom

By |November 20th, 2014|

As seen in American Funeral Director

By: Patti Martin Bartsche

Stephanie Castagnier Dunn is a woman with an attitude and an aptitude for business and people. From humble beginnings, she’s overcome tremendous personal hardships and disadvantages to become a force to be reckoned with in death-care lending.

There are many ways to describe Dunn, general manager, death-care lending, for Live Oak Bank: former reality show contestant, astute businesswoman, philanthropist, author and national speaker, to name a few. But ask the Montreal-born Dunn to describe herself, and the first thing you’ll likely hear is “fighter.” “I was raised to be a fighter … to go for it, take a risk and not take no for an answer,” Dunn explained. “It has always been (that) I am starting from the bottom and need to work twice as hard as everyone else. I always need to be two steps ahead of the pack.”

Dunn’s fighting spirit is serving her well these days. As general manager, death care lending, for the Wilmington, North Carolina-based, Live Oak Bank, Dunn is championing the cause for funeral […]

Live Oak Bank sponsors paws4people’s Inaugural Casino Night Charity Event

By |November 13th, 2014|

November 13, 2014 – Wilmington, NC – Live Oak Bank is proud to be the Presenting Sponsor for the inaugural Casino Night Charity Event for paws4people at the City Club de Rosset on Saturday, November 15, 2015. The evening will include cocktails and hors d’oeuvres while guests play the traditional casino games of Blackjack, Craps and Roulette. All proceeds from the fundraiser will go towards training, which typically costs an estimated $35,000 per dog.

“We are so grateful Live Oak Bank is making our inaugural Casino Night Benefit possible,” expressed Kyria Henry, Founder and CEO of paws4people Foundation. “This event will allow us to place even more life-changing Service Dogs with children and veterans at no cost to the recipients.”

“Live Oak was founded in 2008 as a bank that lent solely to veterinarians,” stated Vince Dailey, General Manager for Live Oak Bank’s Veterinary Division. “Over the years, we have diversified our portfolio, but we remain loyal to the veterinary community and […]

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