Live Oak Bank has branched out into yet another industry in which it will make SBA-guaranteed loans. The Wilmington-based bank is now offering financing to the self-storage industry and has hired Terry Campbell to lead the new division.

This move comes about three months after Live Oak’s addition of the wine and craft beverage industry to its lending model. In addition to the beverage and self-storage verticals, the bank makes SBA loans in the following niche industries: veterinary, health care (including dental and ophthalmic practices), pharmacy, funeral home, investment advisory, family entertainment center and agriculture.

“Self-Storage has been one of the fastest-growing segments of the commercial real estate industry for almost 40 years,” Kay Anderson, Live Oak’s general manager of emerging markets, said in a news release. “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.”

Campbell has more than 20 years’ experience in the self-storage field, most recently as an executive for a self-storage building manufacturer.

“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,” the release stated, adding that the bank will offer up to 100 percent financing for “new construction, real estate purchases, expansion of existing facilities, refinancing of current debt and renovation.”

Live Oak’s designation as an SBA preferred lender allows the bank to make loan decisions at a more efficient and faster pace, leading to quicker access to the necessary funding, according to the release.