New Member Spotlight Kristen Spenceley

November 9, 2022
Kristen Spenceley (formerly Balsly), Live Oak Bank, VP-Sr Loan Officer
Number of years in the industry: 20+  years in commercial banking
Contact information: / 513-316-4071

Member Spotlight Questions
  1. What do you hope to get out of your CREW and/or who do you hope to network with?I have been with Live Oak for less than a year and continue to look for more opportunities to network and make connections with people in the community, while also bringing awareness to Live Oak Bank and all that we’re capable of. I am specifically looking to get more connected into the commercial real estate community – that is one place that I feel my existing network is lacking.
  2. What or Who is your ideal client/customer? I focus on SBA loans, particularly larger transactions. I am looking for companies that are growing / expanding through real estate acquisition or construction (owner-occupied); OR I am looking for those individuals or companies that are purchasing an existing business.
  3. What does a typical day consist of for you in your current position? Either I am focused on networking activities across the state of Ohio, to bring more awareness around Live Oak Bank – and that we are the #1 SBA lender for the 5th consecutive year, yet many in the Midwest are unfamiliar with us. OR alternatively, I am at my desk prepping deals for submission to underwriting or issuing loan proposals.
  4. What is your favorite aspect about your job? Helping people grow their business, or make their dream come true of owing a business through purchasing an existing one. I am happy to give advice and be a connector too.
  5. What does your company contribute to the commercial real estate industry? We leverage the SBA program fully in the real estate space. We will finance 100% of a project when the SOP allows – whereas many banks still want “some” money down. Additionally, we don’t stop at the $5MM SBA 7a limit – we will lend up to $9MM on a SBA Pari Passu structure. Many other lenders would want 10-25% down payment on that size project, which is $900K - $2.25MM, yet we will finance that with $0 out of pocket. We also have a robust construction team that makes us one of the best in the country for monitored construction projects.
  6. What advice do you have to someone new to the industry? This isn’t necessarily specific to the industry….. lean into the uncomfortable. If you only stick with roles that are comfortable, you won’t grow and develop diverse skill sets, and that will hold you back. I am an introverted person yet have found success in sales roles.
  7. What keeps you busy outside of work? Kids! We have a 15-yr old, 13-yr old and 10-yr old. Our older two are very active in school and sports, and I feel mostly like a taxi driver these days.