Oregon projects incorporate solar output insurance in financing

Originally posted on Utility Dive.

Dive Brief:

  • On Wednesday kWh analytics announced it has structured financing for a series of solar projects in Oregon that include insurance to protect cash flow when the sun does not shine.
  • The financing covers four solar projects in Oregon with an aggregate capacity of 50 MW being developed by GCL New Energy, a Hong Kong-based solar developer, and financed by PNC Bank.
  • The deal structure includes a “solar revenue put” from kWh Analytics that uses the company’s proprietary actuarial model and risk management software, HelioStats. The company’s product provides a data base of solar performance statistics that is designed to provide the actuarial data needed to be able to make the premiums on a solar output insurance policy affordable. It says it has data on about 20% of U.S. solar projects.

Dive Insight:

With a put in place, kWh Analytics says financial institutions can more easily finance solar projects on favorable terms.

The company developed the “solar revenue put” as a way to drive down investment risk and encourage development of solar energy. The put guarantees up to 95% of a solar project’s expected energy output. It is essentially an insurance policy that kWh Analytics places with a provider — for the Oregon projects, Swiss Re — that protects a project’s lenders against shortfalls in irradiance, panel failure, inverter failure, snow and other system design flaws.

The first solar revenue put was signed in January. “It is a brand new product and so far kWh Analytics is the only provider,” Christine Brozynski, a senior associate at Norton Rose Fulbright, told Utility Dive.

Revenue puts have been used for years in the financing of merchant gas plants as a way of protecting lenders and investors from the volatility of natural gas prices and the attendant fluctuations in power prices. The output of a gas plant can be controlled by the owner, but some party has to assume the price risks associated with gas and power prices.

Revenue puts were designed to hedge the volatility of a gas plant. The put establishes a floor or minimum amount of revenue for a gas-fired generator. If the revenue from the gas plant does not meet that floor, then the hedge provider pays the difference.

Unlike a gas plant, the pricing of solar power is known; it is guaranteed in a power purchase agreement. What is not known is the amount of power that will be available — that depends on the sun.

The combination of predictive analytics and an insurer with a strong balance sheet can enable a financial structure that requires less equity and more leverage or debt, which enables developers to improve their returns.

“In general, these types of insurance products are helpful in securing financing or at least financing at a lower cost,” Caileen Kateri Gamache, senior counsel at Norton Rose Fulbright, told Utility Dive via email. “Developers frequently ask whether there is insurance available to cover unique risks, so it is not surprising that the market is rising to meet the demand.”

Other solutions are also beginning to emerge in the solar market as a result of the low pricing in solar PPAs. Developers are looking for ways to lock in revenues, Brozynski said.

GCL New Energy closes solar revenue put

Excerpt below; full piece available on SparkSpread.

GCL New Energy has closed a solar revenue put for a 50 MW (dc) portfolio of four solar generation facilities in Oregon.

kWh Analytics underwrote and structured the hedge, while Swiss Re Corporate Solutions provided the financial backing for it, according to the companies’ announcement from Aug. 29.

The solar revenue put is a volume hedge, not a price hedge. It protects against shortfalls in solar irradiance, panel failure, inverter failure, snow, and other system design flaws, according to kWh Analytics’ statement.

GCL Inks Tax Equity for Projects with Solar Revenue Put

Excerpt below; full piece available on Power Finance & Risk.

GCL New Energy has made use of kWh Analytics’ solar revenue put as part of its tax equity financing of a contracted four-project solar portfolio in Oregon.

PNC Bank is providing the tax equity for the 38.5 MW portfolio, which is under construction in Jefferson and Klamath counties, Oregon.

The deal is one of a handful to benefit from credit enhancement through kWh Analytics’ solar revenue put, which guarantees up to 95% of a projects’ expected output.

Oregon Solar Projects Get Insurance to Guarantee Production

Originally posted on Bloomberg.

  • GCL New Energy developing 50 megawatts of solar projects
  • KWh’s ‘solar revenue put’ ensures 95% of power plants’ output

GCL New Energy Holdings Ltd. is managing the risk related to the unpredictable nature of the sun, with an insurance-like policy that will guarantee the production from solar projects it’s building in Oregon.

KWh Analytics, a San Francisco-based risk-management software company, structured the coverage for the 50-megawatt solar portfolio, according to a statement Wednesday. Swiss Re AG is backing the insurance product and PNC Bank NA committed tax equity financing for the four solar farms. Terms weren’t disclosed.

The insurance product, known as a “solar revenue put,” can guarantee as much as 95 percent of a farm’s expected output, and can lead to better financing terms. The policy sets a floor for electricity output from a solar farm, where production will rise and fall with the sun. Clients typically pay a premium, and if a plant doesn’t generate enough power to reach the floor, the insurer covers the difference. Underpinning KWh’s puts is a database of historical production from other solar farms that helps predict output from planned projects and performance data from specific components at existing plants.

“Swiss Re is guaranteeing the volume,” Richard Matsui, KWh’s chief executive officer, said in an interview. “That’s game changing.”

Insuring the sunrise with Wall Street finance

Originally posted on pv Magazine USA.

kWh Analytics and Swiss Re have structured a deal with GCL New Energy and PNC Bank for 50 MW of solar projects financed using the Solar Revenue Put to guarantee 95% of solar generation.

The basics of the Solar Revenue Put are this: You, the sunlight farmer generating electricity, have built a machine that you believe will deliver a certain amount electricity. kWh Analytics, and its insurance company business partners, will offer to buy that electricity – and will even pay if you don’t deliver it – because they trust your farming skills and the hardware you bought. And while there will be a payment by you the farmer, kWh Analytics estimates that you will save up to 5¢ per watt on finance fees because of their guarantee to buy, yielding you a net profit.

And now kWh Analytics is signing up megawatts under this model. The company has signed a deal for four projects totaling 50 MW in Oregon with GCL New Energy and PNC Bank.

In kWh Analytics’ documents on its Solar Revenue Put (PDF), the company focuses on a specific finance benefit gained by a put – and that’s increasing the amount of cash a bank will loan against a project’s value due to trust of that project’s output. kWh Analytics says some of their their current financing opportunities are now above 90% of project costs, with the aim being a 1.10x debt service coverage ratio (DSCR).

The company suggests that portfolios supported by the put are increasing their DSCRs, on average, by 10%.

To a degree, we’re insuring our trust in the sunrise.

More technically speaking, kWh Analytics defines the Solar Revenue Put as a credit enhancement that guarantees up to 95% of a solar project’s expected energy output. The policy has been risk capacity rated as an investment grade portfolio by Standard and Poor’s. Specifically noted, the insurance covers “shortfalls in irradiance, panel failure, inverter failure, snow, and other system design flaws.”

The policies last up to ten years and are managed by Kudos Insurance Services, a fully owned subsidiary of kWh Analytics.

And even if you’re not getting a higher loan rate ratio, just the fact that you can get another form of solar generation insurance is a tool that a salesperson can use to sell to a business owner, and a business owner can use for getting a loan. In this way it is another symbiotic element in the growth of an economic ecosystem surrounding the solar power industry.

We are in a new world of finance for solar power.  More money, globally, was invested in solar power projects in 2017 than coal, gas and nuclear power. Dividend Financial got the industry’s first AA rating. Solar assets are part of AAA rated portfolios. And Sunrun’s first securitized portfolio showed 98.4% of assets performing.

kWh Analytics Closes Solar Revenue Put for 50 MW of Solar Farms Owned by GCL New Energy

Originally posted on Seeking Alpha, Yahoo News, BusinessWire.

SAN FRANCISCO – kWh Analytics, the market leader in solar risk management, today announced that it structured a Solar Revenue Put with GCL New Energy, Inc., a top five global solar developer, and PNC Bank, N.A., an industry-leading investor in U.S. solar projects since 2007. The 4 projects, totaling 50 MW DC of capacity and located in Oregon, were financed with the Solar Revenue Put protecting cashflows.

Using its proprietary actuarial model and risk management software (“HelioStats”), kWh Analytics developed the Solar Revenue Put, a credit enhancement for financial investors, to drive down investment risk and encourage development of clean, low-cost solar energy.

“We have a global mandate to rapidly expand our investment portfolio of solar projects,” says Frank Zhu, Executive President of GCL New Energy. “To support us in this growth, we were pleased to have found efficient and reliable execution with our partners, PNC Bank and kWh Analytics.”

“Strong relationships are the cornerstone upon which we have built this business,” says Dick Rai, manager of PNC Bank’s energy finance team, the bank’s renewable energy financing arm. “We have long-standing relationships with both GCL New Energy and kWh Analytics, dating back to their respective entries into the U.S. solar market.”

A recent survey of the solar industry’s most active lenders indicates that more than 40% of active lenders are now valuing the Solar Revenue Put as a credit enhancement. Solar portfolios ranging from thousands of residential rooftops to more than ten utility-scale plants have had financing structures supported by the Solar Revenue Put. Portfolios supported by the Put are securing, on average, debt sizing increases of 10%.

Swiss Re Corporate Solutions provides the risk capacity for the Solar Revenue Put. Brian Beebe, Head of North America Origination, Swiss Re Corporate Solutions, says, “We are bullish about solar, and Swiss Re is committed to providing innovative risk transfer solutions. kWh Analytics built the industry’s largest data repository, encompassing one-in-five American solar power plants, and owns the foundation upon which entirely new categories of risk management products will be built.”

#Solar100’s Anne Hoskins: The Adam Smith of Solar Policy

Originally posted on pv Magazine USA.

In this #Solar100 Interview, Richard Matsui, Founder and CEO of kWh Analytics, speaks with Anne Hoskins, Chief Policy Officer of Sunrun.

Anne Hoskins is best known for her work as an energy policy buff.

What people might not know is that she is an applied economist and lawyer by training (and holds degrees from Cornell, Princeton, and Harvard). Within her analytical economist track, Hoskins describes a rigorous quantitative course load that became foundational to her policy career.

Like Smith, Hoskins’ ideas shape policies. She thrives at the intersection of economics, policy, and energy, and now applies her analytical background to her work at Sunrun as their Chief Policy Officer.

In this interview, Hoskins talks about the frontier of home solar and batteries, whether utilities are “natural monopolies” for behind-the-meter storage, and the quantitative side of policy.


Richard Matsui:  How did your interest in economics start, and how did that result in a career in energy policy?

Anne Hoskins:   I studied applied economics as an undergrad at the College of Agriculture and Life Sciences at Cornell, which encompassed energy and other resource economics. I continued to focus on economics in graduate school at the Woodrow Wilson School at Princeton, including taking a course with professor Bobby Willig, who is renowned in antitrust and utility regulation circles. We studied economics related to monopolies and the regulation of them. Because of this, the economics I studied had practical applications in energy and utilities.

My formal introduction to energy began when I worked at the Energy Committee at the New York State Assembly. I supported the Chairman as he tackled the controversy around the closing of Shoreham nuclear power plant, as well as proposed incentives to support energy efficiency. It was a challenging area to apply analytical thinking and it’s pretty incredible that many of the same issues are being debated in state legislatures today.

Richard Matsui:  I went to Georgetown’s School of Foreign Service (SFS), and it had the nickname “Safe from Science.” There is an assumption that people in the policy world tend not have a quantitative background. Is that true from your experience? And how does your quantitative experience change the way that you view some of these policy issues?

Anne Hoskins:  People definitely look at us that way, but it’s so far from the truth! At the Woodrow Wilson School, there is an analytical economic track in which we took very serious quantitative economic courses. Many of my grad school colleagues pursued highly analytical positions, such as at the Office of Management and Budget, Congressional Budget Office, or economic consulting firms. I took a different path and became involved in policy roles right away; I went to a governor’s office, then to a policy shop, and then onto Harvard Law School. My economic and analytical background was invaluable as my career later expanded into working in the utility industry and as a public utility commissioner.  Today, my economics foundation is making me a stronger advocate for distributed solar and a more diversified electric grid. Having a handle on topics ranging from rate structures to the trade tariff case last year has given me insights to understand what is going to work for Sunrun’s consumers.



Richard Matsui:  Sunrun is obviously leading the charge when it comes to residential energy storage. I once met a policy person from Tesla, who noted that after the SolarCity merger, they suddenly had to contend with two—often competing—policy priorities. What is good for solar is not necessarily good for storage, and vice versa. How do you balance that dynamic as Chief Policy Officer for a company that sells both?

Anne Hoskins:  Well, first I challenge the premise. I don’t think they’re antithetical. We want to encourage customers to do both—to get solar and a battery, which they can use for backup and time-of-use management in a place like California. The technology allows customers to participate in the grid. We view the combination of solar and storage as maximizing the customer’s experience.  Simply speaking, solar and storage go hand-in-hand. 

Richard Matsui:  The specific observation that the person was making had to do with net metering, unsurprisingly. Could you comment on how the rise in behind-the-meter storage changes the debate, or shifts the evolution of net metering?

Anne Hoskins:  It’s pre-mature to shift away from net metering. It provides a simple construct for supporting customer adoption of solar, which is foundational for storage.  In California where solar penetration has reached higher levels than in most states, NEM has been adapted to incorporate time-of-use rates, which encourages customers to shift their consumption and adopt batteries. Net metering rules can be adapted to support storage where appropriate by incorporating time-of-use rates. Society benefits through cleaner, reliable energy, along with job creation when a customer makes an investment in solar. The best way to encourage that is to have a simple system, one in which customers are going to understand what they’re paying for and what they’re receiving for the power they share with their neighbors.

Richard Matsui:  When Sunrun installs and owns the battery, who’s the primary customer? Is it the homeowner or the utility? I read about how Sunrun is going to be delivering grid services, but my presumption is that it’s still the homeowner who needs to sign on the dotted line of the Sunrun lease contract. So the homeowners still needs to see some kind of value proposition from storage.

Anne Hoskins:  Yes, the primary customer is the homeowner. Depending on where the homeowner lives, the reason that (s)he wants a battery is going to vary. If you’re in California with time-of-use rates, then we would expect one of the top benefits would be time-of-use management. In New Jersey, where they don’t have time-of-use rates, folks are interested in having backup for storms. In that situation, they may have five terrible storms and outages, but there are many other times when that battery is not fully utilized. In that case, if we have a thousand customers in a region, we can aggregate energy and capacity from those batteries and provide grid services for both the distribution system and wholesale markets. We see a future that involves pooling resources from batteries, providing a benefit to the host customer, sharing that benefit with the grid, and providing an overall societal benefit.

At the end of the day, the utility and the homeowner both benefit from distributed solar plus battery systems.  The benefits of “value stacking” are not mutually exclusive for homeowners or their local utility.

Richard Matsui: Your example was helpful to understanding this vision. Returning to that scenario where a storm passes through New Jersey and causes a grid outage for a Sunrun customer who has solar plus storage. The homeowner naturally wants to rely on the battery to provide backup power. This presumably could coincide with the societal need for that battery to instead feed that power back into the grid. Does that pose any conflict?

Anne Hoskins: No, it won’t. There will always be a certain amount of power that’s saved in the battery to meet customer needs. When you have thousands of customers, one customer may need the backup, but the one three blocks away may not, because outages are often localized. For the most part, as you get more of these systems, optionality increases. We’re optimistic that this combination of distributed and centralized systems is going to be the best solution, especially compared to relying on one centralized battery, where when that battery or connected transmission line goes down you lose the whole system.



Richard Matsui:  There’s been a marked increase in awareness of how valuable behind-the-meter distributed storage can be from a societal standpoint. A while back, someone from a utility told me, “If energy storage behind-the-meter really does pick up, we are the natural owners because we know where the congestion is and we’re the trusted providers.” Are utilities the natural owners of behind-the-meter storage?

Anne Hoskins:  We don’t think that’s the case. Utilities have a lot of expertise in managing the grid, but they have no reason to go into a customer’s home on the other side of the meter. If you look at storage, all it really takes is for the utility to send a signal when they need access to the resource, which they can do. For example, PJM sends signals to energy generators without PJM owning or controlling the generation. Sunrun’s responsibility would be to manage its customers’ storage units and a system that responds to utility or RTO/ISO signals. This is not all that complicated.

The other point here is that utilities are monopolies—but there is no natural monopoly for behind the meter solar and storage. Competitive companies are ready and willing to provide these services. Utilities are given exclusive franchises to own and operate the distribution grid, which gives them greater market power and requires regulators to safeguard consumer welfare. When there is no natural monopoly, as is demonstrably true with storage and distributed solar, there is no justification for enabling increased market power. The best way to maximize consumer welfare is to facilitate—and certainly not undermine—competitive markets. We know that there’s a competitive market for distributed solar and storage, with new companies emerging to offer these services to customers.

Utilities will say, “Well, both can do it—we can own some and you can own some.” We will look at all options, and we know that some commissions may want to explore this. The challenge is that utilities are able to spread the risk of their investments across ratepayers and also are advantaged by access to customer data and all customers. They bear much less risk if technology, costs, or consumer demand changes. How can competitive providers compete with that? One option is for utilities to offer behind the meter services through competitive affiliates. If utility or their affiliates are allowed to offer service in a competitive market there would need to be stronger regulatory oversight of interconnection and data sharing.

Competition drives cost reduction and innovation. That’s what’s going to get us to the next technical innovation. At Sunrun, we have a strong incentive to ask and solve these questions and improve our quality and service in order to compete. I spent seven years at a utility and three as a regulator. Cost of service regulation just doesn’t give utilities the same incentives to reduce cost and try new approaches to problems. In contrast, companies that bear financial risk have incredible motivation to continually improve the product and service in order to stay in business and grow.

Richard Matsui:  This discussion reminds me of 2009, when Southern California Edison announced a behind-the-meter solar program for 500 MW. At the time, this was a massive program for solar, and especially C&I rooftop solar. SCE carved out a program that was half rate-based and the other half was not. The hotly debated question was, “Why should half of this be rate-based? Is there really a market failure where the private sector is unable to fulfill that role?” One could argue that utility ownership was necessary because solar technology and capital formation was less mature, at that point in time. Fast-forward 10 years, it’s evident that the argument has been decisively settled in favor of letting market force dictate where, when, and at what cost behind-the-meter solar systems get built. It strikes me that this conversation will likely be re-litigated in energy storage.

Anne Hoskins: I’m happy to see the utilities are embracing a role for distributed resources, but I’d like to see them embrace it more across the board. We spend too much time fighting over rate design, demand charges, and initiatives that appear to be intended to reduce the ability for customers to invest in solar.

My concern as a former regulator is that utilities are viewing storage as another way to rate-base capital expenditures. Utilities see that demand is falling for electricity, which leaves them unsettled, because we have an antiquated system for how we allow utilities to recover their expenses and earn returns on their investments. Utilities are investor-owned, so when they see customer interest in storage, they think, “We can grow by extending our network to behind-the-meter.” But why would we put a monopoly in charge of something when it is not necessary? I think this points to the need for regulators to start looking at performance-based regulation. Your home state of Hawaii just passed legislation on this. We need to encourage utilities by giving them incentives to reduce their costs and be more responsive to consumers, as opposed to allowing them to grow through capital investment.

A few years ago, Georgia Power was given the authority to do rooftop solar, and they only signed up a handful of customers. It just isn’t in their wheelhouse. Having spent time at a utility, I know that their strength is in engineering and keeping the system running. Utilities have done that for over 100 years. But most continue to think of residents as captive “ratepayers”—not as customers who they need to find and win over with competitive service offerings.

Richard Matsui:  That’s an important and powerful point. I’m glad that you are able to bring your experience as a former regulator to this conversation.



Richard Matsui:  I think it’s widely acknowledged that behind-the-meter energy storage is in its early days. What are the important steps for energy storage to become a mature service that mainstream investors can get comfortable with?

Anne Hoskins:  Well, we know that home battery costs are expected to decline significantly over the next 5 years, by approximately 50%-60%. As costs decline, we’ll see greater market penetration.

We’ve been thrilled with how many customers have adopted batteries already. More than 20% of Sunrun’s solar customers in California are adding a home battery to their system, with up to 60% adoption in some markets. The energy storage industry benefits from manufacturing synergies with electric vehicles, and that’s helping us achieve scale and reduce battery costs.

Richard Matsui:  That’s stunning.

Anne Hoskins:  This is partly driven by offering the customer multiple benefits, such as time-of-use management as well as backup power. With the issues in California with fires last year, we see a lot of customers with reliability concerns. When you put all those things together, you can understand why there’s strong demand.

Additionally, when a few people in a neighborhood get solar panels, those early adopters have a domino effect on their neighbors. I think the same thing is going happen with batteries as people realize they can gain energy independence.

Richard Matsui:  For us at kWh Analytics, our lens into the solar market is through its performance data. We aggregate data on ~20% of the US operating fleet, and we use this data to help investors and insurers of quantify the risk and get them comfortable with deploying more dollars into solar. But it’s much more complicated to quantify the long-term investment performance of storage, because of the policy risk. We look forward to continue working with Sunrun and others to build greater investor comfort with this new asset class, because it’s clear that there will be no shortage of interesting challenges to overcome.

Anne Hoskins: Storage will run into many of the same challenges as solar did and many of the answers have already been battle-tested. We’re also seeing forward-looking states recognize the value of storage. Hawaii, California, and New York all have adopted distributed storage policies and incentives, with New York recently issuing a storage roadmap that includes distributed solar and storage. As more policymakers start recognizing the need and opportunity to optimize the use of solar, either for reliability or clean energy purposes, they will create related incentives. It makes a lot of sense to target incentives to nascent technology at the point when customers are on the cusp of adopting the technology, and I think we’ve seen that there’s enough interest in storage to drive these incentives.



Richard Matsui: You recently had a big policy win in Florida. What’s the takeaway for this industry when it comes to opening markets that have been more resistant to rooftop solar?

Anne Hoskins:  I think we achieved that incredible result in Florida because it simply made sense for consumers. We knew from their ballot initiative fight a year and a half earlier that consumers felt strongly about gaining access to solar, especially in Florida, a state that is known for its sun.

As we work with policymakers in places where there should be greater access to solar, we try to keep the focus on the consumer. People want solar, and we have many success stories where we have benefitted not only the direct customer, but also the state as a whole. For example, California is now able to forego natural gas plants and transmission projects because of distributed solar.

My approach is to help policymakers see that not only is there consumer demand for it, but it’s also an avenue for solving larger problems in a cost-effective way. In Florida, we demonstrated to the commission that equipment leasing was perfectly appropriate under their law. When they realized we were focused on serving the needs of Florida customers, they approved it.

Live Oak Bank’s Renewable Energy Team Partners with kWh Analytics for Efficient Capital Deployment

Originally posted on Solar Power World.

SAN FRANCISCO – kWh Analytics, the market leader in solar risk management, today announced that they have deployed their HelioStats risk management software with Live Oak Bank’s Renewable Energy team, a leading provider of financing for renewable energy projects.

As the costs of building solar have come down, it has become increasingly important to efficiently underwrite and manage distributed solar portfolios. HelioStats enables investors to automate reporting, draw insights from their own portfolios for better capital deployment, and draw upon industry insights to support underwriting determinations, while providing a backbone of risk management compliance by tracking the ongoing financial and operating health of large and small projects alike.

“We have a very diverse portfolio ranging from small commercial projects to community solar projects to utility scale assets,” says Jordan Blanchard, General Manager of Renewable Energy Lending at Live Oak Bank. “kWh Analytics offers a best-in-class solution that is easy to set up and that allows us to identify risks before they materialize. We can deploy capital across a range of project types with confidence because we know our risk management function is scaling with us.”

“Live Oak Bank is widely known for innovation in service of their clients. They are a leader both in structuring new products and in leveraging technology to ultimately provide the best outcome for their customers,” says Jason Kaminsky, Chief Operating Officer of kWh Analytics. “As Live Oak Bank continues to scale, we look forward to streamlining reporting processes with their development partners and supporting their capital deployment strategies.”

Live Oak Bank joins a growing segment of the finance community who relies on kWh Analytics for solar risk management products, including HelioStats and the Solar Revenue Put credit enhancement.


Media Contact:

Sarah Matsui


About kWh Analytics          

kWh Analytics is the market leader in solar risk management. By leveraging the most comprehensive performance database of solar projects in the United States (20% of the U.S. market) and the strength of the global insurance markets, kWh Analytics’ customers are able to minimize risk and increase equity returns of their projects or portfolios. kWh Analytics also provides HelioStats risk management software to leading project finance investors in the solar market. kWh Analytics is backed by Anthemis, a leading fintech Venture Capital firm, ENGIE New Ventures, the venture arm of France’s largest energy company, and the US Department of Energy. For more information about kWh Analytics, please visit: www.kwhanalytics.com or follow us on Twitter @kwhanalytics.

About Live Oak Bank

Live Oak Bank, a subsidiary of Live Oak Bancshares, Inc. (Nasdaq: LOB), is a digitally focused, FDIC-insured bank serving customers across the country. Live Oak brings efficiency and excellence to the banking process, without branches, by using a focused approach to technology and innovation. To learn more, visit www.liveoakbank.com.