We asked owner, Ray Poe, to provide insight into Live Oak’s lending process
1. How did financing from Live Oak Bank allow you to overcome challenges to build the facility you envisioned?
Live Oak Bank was very fast and efficient, especially in their underwriting stage. The lending process was made very simple, and they understood the nuances of the industry.
2. How was working with Live Oak Bank different than other banks/lenders you have worked with?
Live Oak’s process was streamlined and user-friendly despite the paperwork requirements necessary in any borrowing process. They use an online portal, so you’re not dealing with multiple people sending information requests. Throughout each phase of the loan we were guided by the industry specialists from Live Oak’s Senior Care team.
3. What role does access to attractive debt capital play in attracting business owners and investors to the senior care sector?
There are a limited number of lenders in the assisted living space. Typically, the existing lenders out there want to fit everything into a box. Live Oak was willing to look at the underwriting of my project and understand my business. Banks like Live Oak allow us the flexibility to continue to grow our business.