SBA Lenders: Live Oak vs. Huntington

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by a searcher from Baker College of Muskegon
in Kalamazoo, MI, USA

4yrs ago

SBA Lenders: Live Oak vs. Huntington

We are closing in on our LOI to acquire a company. We planned to do it via SBA funding.

Live Oak is #1 for SBA by dollar.
Huntington is #1 for SBA by loan approvals.

Have you used either of these to acquire a company? What was your experience?

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reply by an investor 4yrs ago
from University of California, Berkeley in Bend, OR, USA

73 days from LOI to closing. A lot of it is how fast you and the seller can move. The bank was not the limiting factor. DM me if you want more specifics!

reply by a searcher 4yrs ago
from Harvard University in Fort Wayne, IN, USA

Strongly recommend you talk to those two along with 2-3 regional players (not tiny, one town banks but also not the nationals). Huntington has better rates than Live Oak, but Live Oak handholds searchers better. That said, I found significantly better rates with the regional banks (and be sure you work them down against each other, including LO and Huntington). Just make sure the local bank you pick has experience with SBA acquisition loans and you have a banker who can take the time to walk you thru things.