First Internet Bank of Indiana recently announced expansion into construction lending to support and expand its residential lending business lines. They plan to offer programs that allow homeowners to finance the construction of a new home and convert it to a mortgage loan upon project completion with only one closing.
“The demand for construction loans is strong, with new housing starts up 12 months out of the last 15 on a year-over-year basis,” said David Becker, First Internet Bank President and CEO. “We are leveraging the relationships we have built with local home builders through our commercial real estate lending efforts to help consumers build new homes. 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 online technology platform, backed by experienced loan officers. The bank recently opened offices in the Phoenix AZ area as well.
Construction lending will be offered by a separate group of lenders who will focus exclusively on the local Indiana market where the bank is headquartered.
About First Internet Bank
First Internet Bank offers online banking services to customers in all 50 states in real time, as well as checking, savings and banking services, along with mortgage and home equity loan services. The bank is a unit of First Internet Bancorp and in addition to president, David B. Becker, is led by chief credit officer Kay Whitaker.