Live Oak Bank, an American financial services company, launched its eLending initiative, according to the company's website.
Here are three highlights:
1. eLending, enabled by Live Oak Portal technology, is a team within Live Oak that helps expedite the loan process for amounts between $75,000 and $350,000.
2. This expanded loan offering is a way for small business owners to have access to additional capital, enabling continuous business growth. With Portal technology, new customers and existing borrowers can apply for a smaller loan amount in a streamlined and transparent way.
3. Features for the expedited loans include:
- Minimal collateral requirements
- Approvals within 48 hours of receiving documents
- Flexible, minimal equity
- Fast closings (generally within 30 days)
- No prepayment penalties
- 10+ year terms, dependent upon loan purpose
- Competitive rates
- Capped closing costs