WILMINGTON, N.C. — Live Oak Bancshares (“Live Oak”) announced that it has officially launched its eLending initiative. This initiative offers expedited loans from $75,000 to $350,000 that are perfect for the purchase of games and equipment in an industry that has historically struggled to find financing. The process has been streamlined with quick approvals and fast closings, generally within 30 days, so borrowers can get the funds fast and get back to work. Additionally, the program offers competitive rates, 10 to 15 year terms, no prepayment penalties, no balloons or covenants and no fees charged by or paid to Live Oak.

“We plan to compete with bank and non-bank lenders with a completely transparent lending experience. Customers can expect to get a loan decision within 48 hours of a completed application, with a dedicated eLender to work with along the way. As a bank, we have the advantage of a lower cost of funds than non-bank lenders, which we pass on to our customers giving them a lower monthly payment,” said Neil Underwood, President, Live Oak Bank.

Jason Lumpkin, formerly a senior loan officer within Live Oak’s Emerging Markets division, has been tasked with leading the eLending team as General Manager. Lumpkin joined Live Oak in 2011 and has served in multiple capacities within the company, from portfolio management and servicing to loan origination and new vertical business development. That development includes helping establish the FEC lending team with Live Oak Domain Specialist, Ben Jones.

“Live Oak will continue to provide loans up to $5 million, but this new eLending initiative helps meet a need in the FEC industry that was currently unfulfilled. With 10 year terms and low rates based on the borrower’s cash flow versus collateral, Live Oaks eLending platform makes small business loans accessible and affordable. This is truly a game changer for the Amusement industry,” said Ben Jones, Live Oak FEC Domain Specialist and GM.

Live Oak will be at the AAMA Amusement Expo International 2016 booth #333 where an eLending expert will be available to answer questions about the new expedited loans. Amusement Industry professionals interested in loans from $75,000 to $350,000 can stop by the booth to be prequalified in as little as 10 minutes with their social security and tax ID numbers. Live Oak will also have loan specialists available to discuss financing needs up to $5 million.

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