We understand that an overcrowded or outdated gym has significant consequences for your customers’ experience and ultimately impacts your bottom line. As a lender that has financed thousands of construction projects nationwide and that specializes in the fitness center industry, Live Oak Bank has mastered the construction loan process so that you can get the funding you need to expand or upgrade your facilities.

Having an accurate projection of costs when building or renovating a gym is the first step to finding long-term success for your business. Development costs, such as environmental and code issues, can vary significantly from project to project. We have knowledgeable construction lenders on our team who will set expectations at the beginning of the process, helping you to avoid unexpected costs and keep your project moving forward on budget and on time.


To start, gather your tax returns, fitness center business plan and resume. We’ll send you a loan application, and once we’ve received all your documentation, you can expect pre-approval within one to two business days. Your fitness center loan officer will then issue you a proposal letter, which will include information on rates, terms and all collateral requirements.

Underwriting & Closing

When you sign and return your proposal letter, our team will begin underwriting your loan and working with our credit team to reach final approval. This underwriting phase usually takes about two weeks. Our transparent process and clear communications will help you stay updated along the way. Once approval is received, you will be sent a commitment letter and assigned a loan closing specialist. Closing can take 60-90 days.


Once your loan closes, you will be assigned a fitness center construction loan specialist and a business analyst. The construction specialist will work alongside you to ensure that all vendors are paid throughout each stage of construction and that the project stays on budget and is completed on time. Your business advisor will be easily accessible to you for any questions you have about your loan or future projects, even after your new facility is up and running.

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From our Small Business Resource Center

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