Live Oak Bank is pleased to announce Terry Campbell as leader of its new division offering financing to the Self-Storage industry. Terry joins the Bank with over 20 years experience in the industry. He is the former VP of Sales and Marketing and EVP of Operations for a leading Self-Storage building manufacturer.
Live Oak assembled a team of lenders and industry experts to address the need for financing to the Self- Storage industry in all fifty states. The Bank offers financing for new construction, real estate purchases, expansion of existing facilities, refinancing of current debt, and renovation.
The Self-Storage industry has faced certain limitations with existing financing including five and ten year balloons and conservative guidelines in their approach to credit. Live Oak plans to fill a financing gap for those established in the industry that have strong cash flow, but lack appropriate collateral to secure loans with conventional lenders.
“Self-Storage has been one of the fastest growing segments of the commercial real estate industry for almost 40 years,” said Kay Anderson, General Manager of Emerging Markets at Live Oak Bank. “With Terry leading the charge we will focus on strategic partnerships and educating the industry on our lending programs to achieve success in this market,” she stated.
“I’m thrilled to join the team at Live Oak, a Bank that truly understands the need for financing in this space,” said Terry Campbell, Domain Expert of the Self-Storage Division at Live Oak Bank. “Over the last 20 years, I’ve seen the growing need for a nationwide lending product for owners and operators in the industry. Live Oak’s loan structure, cash flow credit orientation, speed and service differentiate us from other lenders in the space, and position us to meet that demand.”
The Live Oak team has extensive lending experience and industry knowledge, enabling them to structure loans designed to meet the unique opportunities facing the Self-Storage industry. Live Oak is designated as a preferred lender by the Small Business Administration (SBA). This designation allows the bank to make loan decisions at a more efficient and faster pace, leading to quicker access to the necessary funding. Like all of their industry commitments, Live Oak Bank is invested in becoming a leader in financing this space.
Read more at Inside Self-Storage