Indianapolis-based First Internet Bank of Indiana is launching a construction lending program. The bank says the initiative will allow homeowners to convert those loans to mortgages once construction is complete.
May 7, 2014
Indianapolis, Ind. — First Internet Bank of Indiana (www.firstib.com), a premier provider of online retail and business banking services nationwide, today announced the expansion of its residential mortgage lending capabilities with a construction lending initiative. The innovative program will allow Central Indiana homeowners to finance the construction of a new home and convert the loan to a mortgage loan upon completion of construction, with only one visit to the closing table.
“The demand for construction loans in Central Indiana is strong, with new housing starts up 12 months out of the last 15 on a year-over-year basis,” said David Becker, President and CEO of First Internet Bank. “We are leveraging the relationships we have built with local home builders through our Commercial Real Estate lending efforts to help consumers build a new home. With attractive rates and a convenient one-time closing process, we believe we can make building a new home even easier.”
First Internet Bank offers fixed and variable rate conventional loans as well as jumbo mortgages and home equity loans. The Bank currently originates loans in all 50 states through its award-winning online platform, backed by experienced loan officers. Construction lending will be offered by a separate group of lenders who will focus exclusively on the local market.
To lead this new initiative, Arthur Haan has joined First Internet Bank. Mr. Haan has over 20 years experience in residential mortgage lending.
“Art has a deep understanding of residential mortgage lending and has created strong ties within the community,” stated Becker. “He is passionate about creating a smooth, seamless experience for the borrower, which is consistent with our culture.”
“I am thrilled to be building a team at First Internet Bank,” said Haan. “The bank has a finely tuned mortgage lending operation to process the loans we will originate, with an emphasis on customer service and strong credit quality.”
About First Internet Bank
First Internet Bank of Indiana opened for business in 1999 as the first state-chartered, FDIC-insured institution to operate solely via the Internet and has customers in all 50 states. Deposit services include checking accounts, regular and money market savings accounts with industry-leading interest rates, CDs and IRAs. First Internet Bank also offers consumer loans, conforming mortgages, jumbo mortgages, construction loans, home equity loans and lines of credit, commercial real estate loans, commercial and industrial loans, and asset-based lending. In the past year, First Internet Bank was also named one of the Best Banks to Work For by American Banker Magazine, a Top Workplace by The Indianapolis Star, and the top Online Originator by Mortgage Technology. For more information about the Bank, please visit www.firstib.com. The bank is a wholly owned subsidiary of First Internet Bancorp (NASDAQ: INBK).
About First Internet Bancorp
First Internet Bancorp (NASDAQ: INBK) became the parent company of First Internet Bank of Indiana in 2006. For more information about the Bancorp, please visit www.firstinternetbancorp.com.
Source: First Internet Bancorp