craft brewery construction loan

Q&A Spotlight: Craft Brewery Construction Loan Team

Construction is the core component of most craft brewery expansion projects. From site visits to budgets, having a team to handle the ins and outs of this entire process is vital to its success. Live Oak Bank’s internal craft brewery construction loan team currently handles over 675 projects including breweries, dental offices, hotels and self-storage facilities.

Currently, the construction loan team is working on 45 craft beverage projects. We asked construction specialist, Allyson Burkett, to provide insight on her role and how the craft brewery construction loan team is an added bonus to Live Oak borrowers.

Q: What is your role as a construction specialist at Live Oak?

A: My primary role as a construction specialist here at Live Oak is to be a liaison for our borrowers through what can be a complicated and unfamiliar process. My team and I offer the resources and expertise to assist our borrowers in choosing a qualified general contractor, reviewing and managing the construction and loan budget and ensuring the successful completion of the project.

Q: Why is the craft brewery construction loan team an added value to the bank?

A: The construction team is one of Live Oak’s secret weapons! We can save our borrowers on costs by bringing the construction project and budget management services in-house. We work directly with contractors and equipment vendors to ensure the efficient processing of all loan disbursements so that our borrowers can focus on running their businesses and watching their projects come to life.

Q: What are your day-to-day tasks?          

A: My day-to-day tasks include (but are not limited to) direct communication with contractors and vendors, document collection and review, loan budget management, disbursement processing and communication with my loan team to create a seamless process for our borrowers. Additionally, I must check my daily work to ensure compliance with bank and SBA requirements. Lastly, but most importantly, I am available to our borrowers every day by phone or email, including after hours and weekends, to answer questions and address concerns. Our borrowers and their projects are my number one priority.

Q: Tell me a little about the disbursement process and how we differ from another lender.

A: Our disbursement process here at Live Oak is much more efficient than other lenders. The advantage of specializing in the industries that we lend to is that we can build relationships with the vendors in the industry. We communicate with brewhouse and tank manufacturers, keg vendors, etc. almost daily. This makes the disbursement process so much easier. When an invoice comes in, we reach out directly to the vendor to request the documentation needed to process payment. As long as we have borrower approval, we get payment out the door as quickly as possible. This industry specialization also allows us to accommodate equipment deposits and manufacturing lead times.

Our team understands and supports the brewery industry. We truly enjoy building relationships with our borrowers and watching their projects come together! If you are looking to renovate or expand your craft brewery, Live Oak specializes in construction and will partner with you from beginning to end to accomplish your goals. Learn more about our brewery finance solutions here.