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. Their people and the way they treated us made the difference.” An SBA 7(a) loan was the right fit for the project. By working with Live Oak Bank, Chip and Jennifer secured financing, including a larger loan with more favorable terms, for the ground-up construction of their new practice.
Closing the loan was just the beginning of Chip and Jennifer’s relationship with the Live Oak Bank team. Reflecting on the impact that Live Oak had during the construction project, Chip observes that “every customer is looking for service after the sale.” “The construction phase is a stressful time for most borrowers. Between budgeting, change orders, selections, moving and unanticipated bumps in the road, there’s a lot going on; the team at Live Oak proved to be helpful and reliable every step of the way. Our general contractor was extremely pleased with the draw process and with the cooperation he received from the Live Oak Bank team,” stated Chip.
Whether you need help expanding, remodeling or building a new practice, with Live Oak Bank you can face the future with confidence knowing we’re behind you every step of the way. We’re also experienced in helping dentists purchase commercial real estate. With Live Oak Bank as their trusted lending partner, Chip and Jennifer were able to spend less time worrying about their loan and more time doing what they do best – giving people reasons to smile.