How To Claim Your Self-Storage Facility On Google

As a self-storage facility owner, marketing your property is critical to the overall financial success of your business. Having your facility listed in local publications is important, but many potential clients will also search for self-storage properties online when making decisions. By having a strong online presence, you can easily be found by search and as such increase business. Claiming your facility through Google is one easy way to be found.

What does it mean to “Claim Your Business?”

If someone is using Google as a search engine to locate a self-storage building within provided search criteria (city, state, zip code), results likely produce lists of local businesses or Google Places pages. Google allows you to include business information like address, contact information and other important operational information which becomes searchable to your customers. This is often the first place a guest will find you. A “claimed” page looks much better than an unclaimed page that may drive potential renters away.

How do I Claim My Business?

To get started, you just need to create an online listing and verify your business for free with Google My Business. This will guide you through a simple process to update your information. After you claim your business, monitor your listing frequently to check on reviews and postings from guests.

Streetviews

Google also allows you to invite potential guests inside your facility for a turn-by-turn 360-degree view. Guests will see the layout, office space and size of your facility. It’s a simple process of selecting a certified and trained Google photographer in your area, scheduling time for a photo shoot and sharing the photos.

Since Live Oak Bank is a small business lender, we are advocates for tools that help small businesses grow and succeed. Claiming your business on Google is just one more way to market your self-storage facility and grow your business.


NAVC Tips for First Timers

Our team is excited for NAVC 2016. After several years of attending this great conference, we have put together our top tips for first-time attendees.

 

  1. Remember There are Two Exhibit Hall Locations

A unique aspect of NAVC is the two exhibit hall locations – the Gaylord and the Marriot. Both sites feature new products and great services that can benefit your practice. Block out time in your schedule to walk through the exhibit halls.

 

  1. Pick Your CE Courses

Take time before you leave to read through the Program Schedule, and pick out the courses you want to attend most. Write the courses down in your calendar or phone, including the title, speaker, room location and time. If it’s a more popular course, be sure to arrive early to get a seat.

  1. Take Advantage of the Shuttle

As you prepare your schedule, remember the two different locations! NAVC provides shuttles to and from the Gaylord and Marriott as well as other conference relate locations, but you will want to allow plenty of time to catch the shuttle and find the CE room. Comfortable shoes are a must! You will be doing a lot of walking.

 

Check out the Shuttle Routes here.

Shuttle service Hours:

Friday 1:00 PM – 10:00 PM

Saturday 6:00 AM – 10:00 PM

Sunday, Monday & Wednesday 6:00 AM – 10:30 PM

Tuesday 6:00 AM – 9:30 PM

 

  1. Make Time to Network

NAVC brings so many in the veterinary profession together for a week of learning and networking. As you attend CE courses, wait at the Marriott’s Starbucks line (leave plenty of time for this – it’s historically been a long line), and walk the exhibit hall, take the time to meet new people, including other attendees, speakers and exhibitors. Leave your conference lanyard on as it signifies you are a part of the conference, making it easy to strike up conversations. Remember to exchange contact information or connect with social media. You never know what role with new relationships will play in the future.

 

This week will be packed with learning, connecting with peers and enjoying the Florida weather. The conference provides social gatherings and entertainment throughout the week, so save some energy to enjoy all the conference has to offer!

 

We’ll see you in Orlando!

 

Gaylord Booth #1007

Marriott Booth #4119

Hospital Design at Marriott Booth #87


New Alliance Announced to Help Insurance Agencies Transition to Independence

Live Oak Bank, MarketSource and Strategic Insurance Software Announce Alliance to Help Insurance Agencies Transition to Independence

WILMINGTON, NC – January 12, 2016 – Live Oak Bank (subsidiary of Live Oak Bancshares, Inc) (NASDAQ:LOB) is pleased to announce a partnership with MarketSource and Strategic Insurance Software designed to help insurance agents simplify an agency transition to independence. This includes providing access to three key components agents need to successfully become independent: market access, financing and technology.

With the amount of captive agents seeking independence on the rise, the three organizations joined efforts to provide access and information to agents on the journey to independence.

“With the market primed for agency transition to independence, we believe that a concentrated focus on tools, market access and financing will help agents more effectively facilitate these transitions,” said Mike Strakhov, Domain Expert of Insurance Lending at Live Oak Bank. “Aligning these resources in one collaborative effort makes it easier for the agents, and lets us tailor a growth plan to meet their needs.”

“We want to be sure that agents who are transitioning their agencies from captive or direct to independent have the resources they need to make that transition successful,” said Chad Eddy, CEO of MarketSource. “Since having access to markets, technology and financing will be paramount, we are collaborating to make it easy for the agents to find and work with us based on their specific needs.”

“Working with trusted partners to empower independent agents is a core value,” said Alex Deak, CEO of Strategic Insurance Software. “Through our agency management system, Partner XE, agents can support their personal and commercial lines of business in a single, secure, integrated system.”

Agents can visit GoIndieWithUs.com for information, resources and contact information for each of these groups.

About Live Oak Bank

Live Oak Bank was founded in 2008 to provide small business loans to professionals across the country looking to start or expand their businesses. Live Oak is an FDIC-insured national footprint bank and one of the largest originators of small business loans in the country. To learn more about Live Oak Bank, please visit www.liveoakbank.com/insurance.

About MarketSource

MarketSource was founded in 2005 by independent insurance agents who needed an everyday solution to an everyday problem: gaining access to standard markets to help facilitate profitable growth for their agencies, without the burden of ever-increasing production requirements or giving up control of their businesses. Now a leading market access provider licensed to write insurance across all 50 states, MarketSource gives independent agents (“Indie Agents”) access to nearly 20 of the industry’s most respected carriers, opening doors to more opportunities so our agents can open their doors for more business. With the most agent-friendly relationship agreement in the marketplace, and solutions for growth, profitability and perpetuation, you should partner with MarketSource. To learn more about MarketSource and the Indie Agent, please visit our website at www.marketsource.biz.

About Strategic Insurance Software

Partner XE, from Strategic Insurance Software, is a comprehensive web-based agency management system designed exclusively for midsized independent agencies.  Partner XE supports leading independent agents who value strong capabilities, affordability and relationships. To learn more, please visit our website: www.sisware.com.

 

This press release contains forward-looking statements regarding future events. These statements are only predictions and are subject to risks and uncertainties that could cause the actual events or results to differ materially. These risks and uncertainties include risks of managing our growth, substantial changes in financial markets, regulatory changes, changes in interest rates, loss of deposits and loan demand to other financial institutions, and changes in real estate values and the real estate market. Additional information concerning factors that could cause actual results to be materially different from those in the forward-looking statements is contained in the Company’s filings with the Securities and Exchange Commission. Live Oak Bancshares, Inc. undertakes no obligation to update or clarify forward-looking statements, whether as a result of new information, future events or otherwise.

Contact:
Sarah Carroll, Marketing Programs Manager, Live Oak Bank
910.550.2308 office
sarah.carroll@liveoakbank.com

Live Oak Banking Company. Member FDIC. 2016 Live Oak Banking Company. All rights reserved.

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Thank You North Bay for Making Us Your #1 SBA Lender

With more than $22.7 million in closed loans this year, Live Oak Bank proudly claims its spot as the top ranked Small Business Administration (SBA) lender in the North Bay area of San Francisco for 2015.

The recently released rankings by the SBA are based upon the value of SBA 7(a) loans placed in Sonoma, Marin and Napa counties from October 1, 2014 to September 30, 2015. Read more about this story here.

Whether you’re a brewery looking to expand, a winery seeking to refinance, or a distillery with aspirations to increase your capacity by purchasing equipment, we would love the opportunity to partner with and assist you. To learn more, please contact a member of our Senior Lending Team located in Santa Rosa, CA, or visit our Wine and Craft Beverage page at www.liveoakbank.com/wcb.


Business How To: Claim Your Hotel on Google

As a hotel owner, marketing your property is critical to the overall financial success of your business. Having your hotel listed on travel sites is important, but many guests will also search for hotels online when making decisions. By having a strong online presence, you can easily be found by search and as such increase business. Claiming your hotel through Google is one way to be found.

What does it mean to “Claim Your Business?”

If someone is using Google as a search engine to locate a hotel within provided search criteria (city, state, zip code), results likely produce lists of local businesses or Google Places pages. Google allows you to include business information like address, contact information and other important operational information which becomes searchable to your customers. This is often the first place a guest will find you. A “claimed” page looks much better than an unclaimed page that may drive guests away.

How do I Claim My Business?

To get started, you just need to create an online listing and verify your business for free with Google My Business. This will guide you through a simple process to update your information. After you claim your business, monitor your listing frequently to check on reviews and postings from guests.

Streetviews

Google also allows you to invite potential guests inside your hotel for a turn-by-turn 360-degree view. Guests will get the layout, décor and ambience of your business. It’s a simple process of selecting a certified and trained Google photographer in your area, scheduling time for a photo shoot and sharing the photos with the world. Google is currently running a special for hotels: learn more.

Since Live Oak Bank is a small business lender, we are advocates for tools that help small businesses grow and succeed. Claiming your business on Google is just one more way to market your hotel and grow your business.


Capitol Surgery Center Goes Modern with Medical Financing

An orthopedic surgeon, an ENT, and a pain management specialist walked into a bank…

How Live Oak Bank made it possible for them to relocate their ambulatory surgery center, upgrade to a state-of-the-art facility, double its capacity, AND put $350K back into their pockets.

When the three owners of Capitol Surgery Center, an aging facility in Salem, Oregon, decided that they needed a larger, more modern surgery center and a shorter commute, management consultant Rob McCarville approached Live Oak Bank for financing. McCarville, Principal of Medical Consulting Group, LLC, had experienced firsthand the advantages of working with a niche lender that understands the ASC business. He looked forward to working once more with Jon Voeller, a senior loan officer with Live Oak Bank’s Healthcare division.

Capitol would need approximately $3.5 million—$2.5 million for construction and at least $1 million for equipment and loan payoff—to make their plans a reality. They had already invested $350K in purchasing a new location in Albany, Oregon, and were ready to make improvements to the building’s shell.

McCarville credits Live Oak’s state-of-the-art online Portal with making it possible to upload documents and easily visualize the progress of the process.

“Live Oak’s streamlined communication and real-time updates made it possible to move from proposal to commitment letter in only two weeks, and from the commitment to closing in another 45 days or so,” McCarville recalls. “For a complex project of this type, that’s remarkably fast. Jumping through all of the hoops required by non-specialized lenders would have added months of frustration to that timeline because they don’t understand this business sector and often waste time by trying to make a square peg fit into a round hole. It helps that Live Oak’s teamwork structure makes it easier to keep the process moving—there’s no danger of getting trapped in an organizational ‘silo’ where communication tends to break down.”

“That doesn’t mean that there were no bumps or potholes along the way, but it’s what happens when you hit them that matters. Jon and his team stepped in to prevent them from becoming road blocks and sinkholes by waiving requirements that weren’t relevant to Capitol’s situation and ability to repay the loan.”

McCarville credits Live Oak Bank closing agent Kathleen Klima and her exceptional organizational skills with keeping the process on track as it approached the finish line. “She and the title agents working behind the scenes made it possible to close without undue delay, and that makes a big difference when the borrowers are anxious to complete the project and move into their new facility. The terms of the loan also put the $350K they had already invested in the project back into their pockets.”

After closing, a Live Oak construction manager efficiently handled payments to contractors and equipment vendors. “Live Oak was able to amortize those equipment purchases over a 25-year period,” says McCarville. “Conventional equipment loans are typically for only 5 to 7 years, and the much longer term will result in considerable savings in cash flow over the years. If needed, Live Oak structures packages that include both SBA and conventional loans. This type of flexibility is what I’ve come to expect from Live Oak Bank’s team. It’s their specialty.”

“It’s been a gratifying experience for these physician owners,” he adds. “They were able to upgrade to a state-of-the-art facility, they doubled their capacity to two ORs, and the loan process was smooth, efficient, and responsive to the unique needs of their enterprise. They receive one monthly statement that encompasses every element of their loan package and write just one check. I’m happy, too, because I know how much these advantageous financing terms will contribute to their ASC’s bottom line for years to come, and because they are in an excellent position to take advantage of cost-segregation tax savings in the future. Having the right lender on your team can make all the difference in how your story plays out.”


Dental Exclusive: How Dr. Mark Lassiter Accomplished the American Dream

I am a post-baby boomer kid from the big city of Atlanta, Georgia, who grew up believing in the American Dream (and still do). My Dad was an IBM Golden Circle salesperson in the 1960’s and a graduate of Georgia Tech in Engineering. I always felt proud of his accomplishments and the need to carry on his legacy of education and success. I knew I wanted to impact other people’s lives to make them better. Even though I “hated” business academics, my Dad’s inspiration still drove me and gave me incredible nurturing for my professional goals.

My search for the “thing” I would do led me to UNC-Chapel Hill School of Dentistry. Today, I realize that the business academics that I “hated” now gives me the untethered ability to help thousands of patients by bringing value and improving their lives. My vision has been to create a world-class experience for the patients of all my offices. To do this, I need professional partners who can and will support this important endeavor. One of these partners is Live Oak Bank, who has been there for me from the start.

Live Oak assisted me through the process of applications with the SBA and with determining my capital needs. The financing process was painless, and Live Oak facilitated every facet of the process to reduce my stress and allow me to focus on the critical skills of management and dentistry. From the outset, my account managers at Live Oak have stayed involved and legitimately engaged in my ongoing success. While there are challenges that occur when a business is in a high-growth mode, the officers at Live Oak understand this and are supportive. They provide me with immediate response, advice, and thoughtful concern.

As a CEO, I know that I need partners engaged in understanding my processes and vision AND who are strategic to their approach using solid information and bringing their expertise into my realm. I have been extremely satisfied with all that Live Oak has done, and I am excited to work with them as I expand to reach a larger patient base.

Mark D. Lassiter, DDS


Free Funeral Home Acquisition Webinar: Your Opportunity for Growth

Presented by Tim Bridgers and Jim Breaux

For independent funeral home owners looking to expand, acquiring an additional funeral home is an achievable way to grow. In the past, seller financing was the primary funding option, making the transition of independently owned firms difficult.

In this webinar, we looked at the current landscape of the industry and what it takes to acquire a funeral home. Early planning is a must. Learn the steps to take and the financing options available.

Questions about your acquisition or financing? Contact our team today.

Mark Milton – 910.202.6934
Tim Bridgers – 910.685.7446
Jim Breaux – 910.758.2266

Thank you Kates-Boylston for hosting this webinar.


Free Webinar: The Facts About SBA Financing for Self-Storage

Self-Storage Webinar Alert

Join Live Oak Bank‘s Terry Campbell as he explains facts about SBA Financing for the Self-Storage Industry.

Specializing in the Self-Storage space allows Live Oak to offer unique insight into the details of SBA lending for the industry. What are the features of the 7(a) program? What characteristics do we seek in our borrowers?

The Facts about SBA Financing for Self-Storage 
Presented by: Terry Campbell, Live Oak Bank
Date: December 16th at 2 PM EST

Come with your questions for the Q&A session at the end of the presentation!Register today!
Space is limited.Questions about financing? Contact Terry Campbell 
Email | 910.202.6933
liveoakbank.com/self-storage

 

 

Terry Campbell joined the Live Oak Bank Self-Storage Lending Team in 2015 with over 20 years of experience in the industry. Terry previously held various roles with a leading Self-Storage supplier. Starting as a drafter/estimator, he advanced to Vice President of Sales and Marketing and Executive Vice President of Operations. Terry has also served on the Editorial Advisory Board for the ISS Magazine and the Board of the North Carolina Self-Storage Association since its formation. He is a frequent presenter at industry events and trade shows as well as a writer for industry publications.

Click here to register.


How to Ensure a Successful Hotel Construction Project

Before any successful commercial hotel construction project begins, an “A Team” should be assembled: lender, architect, and contractor. The team works together with the owner to ensure a successful project and supports the owner in decision-making. Some critical elements of all construction financings include sufficient capitalization and budget, timelines of the build-out, and the quality and strength of the contractor and architect.

When the lender “builds” the project, a number of questions must be answered. Is the contract inclusive? An experienced lender checks contingency, permits, scope of work. What is and is not included as part of the project? Landscaping, security systems and phone generally are not included in the contract. Is the property properly zoned or does it need to be subdivided? What are the timelines on zoning and permits? What fees must be paid?

Many municipalities require money up front to review drawings, go through the planning process and issue permits. What is the deadline for closing on the land or building? Many times, a lender will provide a “bridge” loan to carry the project until the permit is issued. How many months will construction take? An experienced lender will add additional months into the financing to cover any delays.

Who will be monitoring the construction process? Will qualified inspectors look at the project while it is under construction? It is in the best interest of the owner to have qualified inspectors review the work as it is completed.

Payments

In addition, inspections allow for a timely payment schedule to the contractor. How much retainage will be held? Retainage is a percentage of the contract that is held back by the lender on each “draw,” or request for payment. Retainage protects both the owner and the lender from liability as well as ensuring punch-list completion. Once all of the final punch-list items have been completed to the owner’s satisfaction, the retainage is paid to the general contractor.

How is the contractor paid? How does one ensure against mechanics’ liens? Mechanics liens are filed by the subcontractor or general contractor against the project collateral. A qualified lender will have a set payment procedure in place to ensure the contract is met and the contractor is paid in a timely manner. Generally, a contractor will be paid once an unconditional lien release is received by the bank. This ensures that a mechanic’s lien is not filed because the contractor is acknowledging that he is being paid the amount due at the time and agrees not to file a lien.

If a mechanic’s lien is filed, a lender cannot disburse any additional funds until it is cleared. This can cause significant delays to the project. Does the bank require a bond or another type of performance guaranty? If so, there are costs to the owner on these options that need to be included in the project. How does the bank approve a contractor? Lenders who specialize in construction will want to see a statement of the contractor’s qualifications, references and financials for approval of the contractor.

It is essential that a contractor and architect have hotel experience. Without it, the building will be completed to code and general commercial specifications but might not be the building the owner is 100 percent happy with; issues such as flooring, HVAC and insufficient plumbing and electrical can cause cost overruns or a miscommunication between the parties.

Finally, what type of loan will best fit the owner’s needs? Before determining loan type, the lender will need to know what type of hotel is being constructed. A conventional loan is usually the first type of loan requested by an owner. Conventional loans are completely driven by loan to value (LTV) requirements. Conventional loans on hotel projects are generally granted up to 75 percent LTV. This means that if a property appraises for $10 MM, the maximum the bank can lend is $7.5MM. The owner would essentially be required to have a down payment of 25 percent plus all additional soft costs.

If the appraisal came in lower than the $750,000, the owner would be required to put additional money down to make up the difference. Conventional loans for a construction project are allowed a maximum LTV and may or may not include an interest reserve to pay loan payments during the construction period.

Fees also may not be included as part of the project. These loans may or may not be fully amortizing and contain a call feature as part of the permanent financing. When possible, a permanent loan should be in place before starting a construction project.

Programs

The SBA 504 loan program will allow the lender to include all costs of construction. The 504 program will allow up to a 90 percent advance rate on multi-use properties and an 85 percent advance on special-use properties. This program is for “hard” assets only and will not include working capital, inventory or short term equipment. The appraisal requirement on the 504 program is for the building-to-value with all costs included except equipment. If the appraisal were to come in low, the same rules apply as to conventional loans in that the difference of the cost versus appraisal will be covered by the owner.

The 7a loan program will cover all of the costs of construction but will also allow other uses to be part of the request, such as working capital and inventory. These loans automatically convert to permanent, are fully amortizing and do not have call features.  The 7a loan is not a loan-to-value-driven program and there is no maximum LTV.

The key to a successful construction loan is to ensure that qualified people are on the team. Although the owner may receive cheaper bids, using professionals who specialize in hotel construction will end up costing less and ensure that the project is completed on budget and on time.