Live Oak Bank understands the nuances associated with owning a successful law firm. Just like you support your clients throughout their case, we’ll serve as your trusted guide through the law firm financing process.

Whether you’re looking for a loan for a partner buy-out, purchasing commercial real estate or working capital to keep your operations running smoothly, Live Oak can offer tailored financial solutions. With our deep expertise in law firm financing, we’ll craft your loan to suit your law firm’s needs.

Loan Solutions

Acquisition

Accelerate your growth with a strategic law firm acquisition. Live Oak offers acquisition financing for first time acquisitions and existing firms acquiring new practices.

Commercial Real Estate

Real estate loans are generally termed over 20-25 years, which means payments could be affordable. Take advantage of the benefits that come along with commercial real estate ownership, including tax advantages, cash flow opportunities and equity appreciation.

Working Capital

A working capital loan can be a great solution to facilitate business growth without restricting your cash flow. Live Oak can help you navigate working capital to strategically grow your business.

Need a little guidance and advice? Contact a loan specialist, they're ready to help.

Connect with a Loan Specialist

We help you achieve more

We’re on a mission to be America’s small business bank. Our deep knowledge and product expertise help us match you with the best solution to meet your unique needs. We’re proud to invest in America’s business owners because your drive drives us.

SBA Lending Process Overview

Every loan from Live Oak Bank is unique. Download this overview to see a roadmap of the lending process, as well as general expectations for the lender and borrower throughout the process.

Download Guide

Small Business Loans 101 Guide

Our team is experienced and can confidently guide you through the lending process. But first, download our guide with essential details about the basics of small business loans.

Download Guide

Our Law Firms Team
understands your business

We're ready when you are
Connect with a Loan Specialist

FAQs

  • What makes Live Oak Bank different from other banks?

    Live Oak Bank is an FDIC-insured digital bank located in Wilmington, NC. Live Oak has only one branch, located at our headquarters, but we have a national lending footprint. Unlike most banks, we specialize in lending to small businesses in specific industries, one of which is law firms. Our bank focuses on the business cash flow. We are not bound by the same loan-to-value constraints as most traditional banks, which require collateral from their prospective borrowers. Another difference is Live Oak’s loan officers do not receive any commission for making loans. Our lenders prioritize the borrower’s best interest, not their commission. Our unique business model allows us to be both knowledgeable and flexible when lending.

  • What types of loans do you offer?

    Live Oak Bank offers a variety of small business loans, from government guaranteed loans to conventional loans. We are the number one SBA 7(a) lender by dollar volume* and we understand the nuances of SBA lending, which helps us streamline a process that can be difficult and bureaucratic in inexperienced hands. We take the time to assess every potential transaction individually to see what type of loan will be the best fit. Often, the SBA 7(a) product is the best fit for an attorney due to the terms of the loan. We’ll guide you through the process and craft a unique loan solution tailored to your goals

    *The data supplied by the SBA reflects 7(a) highest dollar volume during FY 2020.

  • How long does it take to get a loan?

    From the time you submit a completed application to the time you receive funding; the typical turnaround time is 45-60 days. A loan officer will send you a proposal letter within 1-2 days of receiving your completed application. Once you execute and return the proposal, the loan will go to underwriting, which is the formal approval process. Underwriting typically takes 10 days. Once approval is complete, you will receive a commitment letter. As soon as you execute and return the commitment letter, the loan will enter closing, a process that typically takes 3-4 weeks. A closing specialist on Live Oak’s staff will send you a list of initial documents to provide and schedule a kickoff call. Once you have provided a significant amount of the documentation requested, the specialist will schedule a date for closing. Of course, every loan is unique, and this timeline is not guaranteed.

  • What are your typical loan terms?

    The term of the loan depends on the loan type. If you are using a SBA 7(a)—the majority of our loans—the term will be 10 years for anything non-real estate. If you take out a conventional loan, the term will range from five to seven years. Our SBA loans do not have prepayment penalties, so you can pay them off early if you choose.

  • What interest rate do you usually charge?

    We offer both variable and fixed-rate loans. The interest rate is determined by several factors, including the risk associated with the transaction and whether the loan is variable or fixed.

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From our Small Business Resource Center

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