First Savings Bank / First Merchants Bank

Basic information

QM program

• Conventional
• Home Ready
• Home Possible
• FHA
• FHA Streamline
• VA
• VA IRRRL
• USDA

Loss payee

contact me

CPL or subordinate clause

N/A

Lock policies & fees

Lock policies

Lock extension

n/a

Relock

n/a

Lock & Shop

No

Lender's niche & overlays

Lender's niche

Best Commercial Programs

*Borrower purchasing a building they are moving their business into and occupying at least 51% of the square footage. Can buy a lot, and build a building, buy a building and renovate or buy a building as is. 90% LTV 25 year loan

*Purchase a business- with real estate or lease 90% LTV

*Purchase a franchise- with real estate or lease 90% LTV

*Do a start-up 75% LTV

*Do an Expansion-which is when borrower owns a successful business and want to start a second location -same business -100% LTV

*Partner buyout 90% LTV

* Can add:

• Equipment- Vans, vechicles, trailers, large equipment
• Inventory
• Working Capital up to $ 250K
• Renovations

Debt refinance

Lender's overlays

Must be a for-profit deal. No "Not for profit"

Must be owner occupied.

No strip malls or apartment buildings

680 Fico

No bankruptcy or foreclosure in the past 7 years

Must have at least 2 years business tax returns

Lender turn time

Initial underwrite (days)

1

CTC conditions review (days)

4

Initial CD (days)

0

Reviews