Loans & Capital with Live Oak Bank
Overview
Live Oak Bank offers flexible lending solutions specifically tailored to independent insurance agents across all 50 states. Our industry knowledge combined with our lending expertise makes working with Live Oak a smooth and efficient process. Our dedicated lending team focuses on the unique needs and circumstances of each insurance agent, and our lending decisions are based on cash flow analysis and proven management expertise, rather than collateral and equity injections.
Program Highlights
Funds can be used to:
- Acquire agencies or books of business
- Perpetuate your business internally
- Purchase and/or renovate real estate
- Refinance existing debt
- Increase marketing activities, hire producers, etc. (Working Capital)
Loan features:
- Terms of 10 years and 25 years (for real estate loans)
- No minimum equity or collateral requirement
- No covenants, balloons or calls
- Interest rates are competitively priced including fixed and variable options
- Expedited loans for amounts under $350,000
Funds can be used to:
- Acquire agencies or books of business
- Perpetuate your business internally
- Purchase and/or renovate real estate
- Refinance existing debt
- Increase marketing activities, hire producers, etc. (Working Capital)
ABOUT LIVE OAK BANK
Live Oak Bank was founded in 2008 with one goal in mind – provide business loans to independent businesspeople in niche industries nationwide. Live Oak is an FDCI insured bank with a national lending footprint and today is the 2nd largest originator* of small business loans in the United States. Live Oak Bank is headquartered in Wilmington, NC and lends in all 50 states.
Mike Strakhov, Domain Expert for Live Oak Bank’s Independent Insurance Agents vertical, is responsible for the lending strategy for this segment. His knowledge and experience in the insurance industry coupled with a dedicated lending team allows Live Oak to provide customized financing solutions to our clients. Mike’s background includes 27 years of industry experience as a producer, adjuster and manager.
*Source: SBA 100 Most Active SBA 7(a) lenders by lending volume in FY 2015
Secured Advantage Member Benefit
Live Oak Bank offers flexible lending solutions specifically tailored to independent insurance agents across all 50 states. Our industry knowledge combined with our lending expertise makes working with Live Oak a smooth and efficient process. Our dedicated lending team focuses on the unique needs and circumstances of each insurance agent, and our lending decisions are based on cash flow analysis and proven management expertise, rather than collateral and equity injections.