Dental News

Short Sales and Finding Future Financing

By |June 1st, 2013|

A lasting effect of the Great Recession has been the growing number of professionals caught in the real estate devaluation of residential properties. In the past, steady property appreciation seemed to make any home mortgage safe for the bank and owner. But the last several years have led to many borrowers finding they owe more than their homes are worth.

Some borrowers have decided the best option is to sell the home, with the bank’s permission, for less than what is owed. The amount of loan still unpaid after the sale is called a “deficiency balance” or “short sale,” which may or may not be forgiven by the bank.

THE IMPACT ON CREDIT SCORES

Not surprisingly, a short sale has a huge negative impact on the borrower’s credit score, regardless of whether the loan was current before the sale. According to an April 2011 CNNMoney article, a 780 credit (FICO) score will see a 160-point drop following a short sale, while a […]

New Dental Office – Louisiana

By |April 16th, 2013|

Dr. Todd
Louisiana

Keith Merklin was instrumental in making my dream of a new dental office come true.  The patience he exude while walking me through the process allowed me to trust him and Live Oak Bank.  The icing on the cake was his personal visit to my office…I was very impressed.  He has been available by phone immediately on the few occasions when I have needed him.  Without a doubt, I give big kudos and atta-boys to him and to the bank as a whole. I would recommend them without hesitation.

Dental Practice – Florida

By |March 25th, 2013|

Dr. Sandra
Florida

I am very satisfied with the excellent sevice that Live Oak Bank offered me. Samme did a great job throughout the entire loan process. I thank everyone for their professionalism and commitment to my project. I really appreciate it. Thank you very much.

Approaching Practice Ownership

By |February 14th, 2013|

Keith Merklin, General Manager of the dental lending team at Live Oak Bank, presented to the UNC School of Dentistry. Approaching Practice Ownership discusses why Live Oak Bank lends to dentists, debunks “Student Debt Myth,” and discusses practice ownership.

To download a copy of this presentation, click here: UNC Dental Presentation: Approaching Practice Ownership

A Live Oak Bank Dental Financing Success Story

By |January 23rd, 2013|

January 23, 2013- After owning and operating their own practice for six years, Drs. Chip and Jennifer wanted to expand to fulfill a growing need in their community for family dentistry services; however, this two-dentist family’s 1,450 sq. ft. building was too small to accommodate more than one dentist. After identifying land and designing a 3,400 square foot, 7 operatory building, Chip and Jennifer turned to Live Oak Bank for practice financing.

“One thing that really impressed us was Live Oak’s willingness to see the ‘big picture’ when their competitors couldn’t,” explained Chip.  “Our vision was to bring a first-class dental facility to an area.  The team at Live Oak took the time to meet us in person and listened to our story. They looked through our raw numbers and saw the true potential of what we had to offer to our patients and our community.  We worked and negotiated with multiple lenders but kept going back to Live Oak Bank. […]

Abundant Opportunities to Own Business Property

By |January 17th, 2013|

If you’ve ever thought of owning the property underlying your dental practice, now is the time. The commercial real estate market has stabilized over the past few years and there is an abundance of exceptional properties available for purchase. With relatively stagnant sales during the Great Recession, it is now truly a buyer’s market with commercial real estate prices lower than they have been in decades – down 30% from the national peak* before the crash in 2008. In addition, properties are available in prime locations. Small business owners are starting to invest in premium retail properties for their private enterprises, including buildings that previously housed Blockbuster, Jack-in-the-Box and Barnes & Noble outlets.

Many commercial real estate owners are also realizing a cost savings in building out their properties. The competition among builders for CRE construction jobs has driven costs down, with some builders significantly cutting their margins in order to maintain payrolls. Dental office designers and architects are also trimming […]

Commercial Real Estate: Overcoming Your Fear of Ownership

By |January 1st, 2013|

The severe drop in property values that accompanied the Great Recession has caused many small business owners to be skeptical of commercial real estate investment. They have lost faith in the adage that property values tend to increase over the long haul, shying away from real estate purchases in favor of lease arrangements that insulate them from the unpredictability of the market. Yet there has never been a better time to purchase the business property on which your dental practice resides. The significant opportunities available to small business owners through investment in commercial real estate warrants a second look at the pros and cons of leasing versus purchasing your office space.

WHEN TO CHOOSE A LEASE

For new dental practitioners who are uncertain of future space needs and want to ensure maximum cash flow as they grow their business, leasing may be a wise option. In general, it’s far less costly up front to lease commercial space compared to a real estate […]

Live Oak Bank makes a contribution towards the Dental Trade Alliance Foundation

By |November 27th, 2012|

November 27, 2012 – Wilmington, NC – In an effort to continue to express its commitment to the dental community, Live Oak Bank has donated to the Dental Trade Alliance Foundation (DTAF). The mission of the DTAF is to improve access to and the productivity of the oral healthcare system. This can be accomplished by identifying, nurturing and leveraging specific projects that show promise in improving the healthcare system. The DTAF grants funding for innovative projects to improve access to oral healthcare, affords dental students who illustrate a strong commitment to community service scholarship opportunities, and provides for the recently launched Partnership for Healthy Mouths, Healthy Lives national public awareness children’s oral health Ad Council campaign.

“Thanks to the generosity of donors like Live Oak Bank, the Dental Trade Alliance Foundation is able to fund innovative, replicable, sustainable projects designed to create access to oral health care for those with the greatest need,” commented Laura Fleming Doyle, Executive Director of the […]

Practice Financing: Can You Get a Loan?

By |October 29th, 2012|

You walk into the building and it instantly feels like the perfect place to create your new practice. You want it. You deserve it. But will the bank lend you the money to buy it? Certainly, it seems that all the conditions are right. After all, interest rates remain at an all-time low. Commercial property is readily available and many sellers are eager to negotiate. Given the current market, who wouldn’t want to purchase or build their practice as soon as possible? In fact, dental lenders tell us that 60% of dentists in the first five years of practice seek to establish their own offices, up 10 percentage points from just a couple of years ago.

Jason Tyson is vice president of Bank of America Practice Solutions in Southern California. He and other lenders note that the timing may be perfect for some new dentists to pursue the dream of owning or building their own practice, but it’s a critical career […]

Dental Customer Spotlight: Dr. Ed and Jean – Missouri

By |October 23rd, 2012|

Dental Customer Spotlight

Dr. Ed and Jean share their story about working with Live Oak Bank.

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