Live Oak Bank announced Wednesday that the Live Oak Bancshares Inc. (Nasdaq: LOB) subsidiary is expanding its lending services by offering products for commercial real estate and asset-based financing, as well as increasing its small business financing team.
The Wilmington-based bank is providing conventional loans for commercial real estate projects including office and industrial buildings, retail centers, medical buildings, apartments and student housing, according to a news release.
The release stated that Angus McDonald leads the division as general manager and has almost 20 years of real estate financing experience working with developers and owners "to leverage the capital they need to build commercial space from beginning to completion."
Live Oak is also providing conventional asset-based lending (ABL) products to small- and medium-sized companies across the country, according to the release.
"The team is dedicated to lending money to companies with high-quality receivables that may need capital over their business operating cycle," the release stated. "Chris Lehnes is leading the team as a senior loan officer and has more than 25 years of ABL and small business lending experience."
In addition to the new products, Live Oak has expanded its General Small Business Administration (SBA) Lending Team with the addition of Mike Shepston, according to the release.
"The team has extensive SBA expertise to help brokers, intermediaries, search funds and individuals navigate SBA loan products to grow their business," the release stated. "Shepston joins as a senior loan officer and his primary focus includes owner-occupied commercial real estate, ground-up construction and business acquisitions. Shepston is one of seven specialists on the General SBA Lending team based across the country, and he will serve business owners in the Phoenix area."