Fishers-based First Internet Bancorp (Nasdaq: INBK) is partnering with a San Francisco health care industry lender. The deal with Lendeavor Inc. involves an unspecified equity stake and a commitment of up to $120 million each year for five years from First Internet Bank toward loans for health care practices.
In a news release, First Internet Bank Chief Executive Officer David Becker said "healthcare finance is a rapidly growing industry, and this particular segment is one where we have a good history from a credit perspective. We see this relationship as more than just an opportunity to continue to diversify our asset generation channels. We chose to partner with Lendeavor because they share our commitment to solving banking and financing challenges through extraordinary customer experience and innovative technology."
Lendeavor was founded in 2014 and it offers borrowers in the health care field up to $5 million in practice and commercial real estate loans. The companies say the partnership will help Lendeavor meet growing demand. Lendeavor CEO Daniel Titcomb calls First Internet Bank "the perfect partners" to help the company scale up. "With an approach to innovation and flexibility we’ve not seen elsewhere in the industry," he said, "First Internet Bank enables us to give practice owners well-deserved access to a truly unparalleled combination of branchless banking products and streamlined practice financing."
As part of the agreement, which still needs regulatory approval, Becker will be added to the Lendeavor Board of Directors. You can connect to more about the agreement by clicking here.