First Internet Bank: Lender Fit
The Fit
Bank. A branchless, nationwide online lender with business acquisition as a headline 7(a) use and no branch footprint limiting where it lends.
At a Glance
- Type
- Bank (lends directly)
- Footprint
- Nationwide.
- Deal Size
- $500k to $5M.
- Searcher Practice
- A general SBA lending desk, handled remotely.
- Published Terms
- 7(a) to the $5M cap; Express lines to $350k with decisions inside 48 hours.
The Full Review
First Internet Bank is reviewed in full in the directory, with its model, the searcher case for and against it, and every source: read the First Internet Bank review.
How to Approach
First Internet Bank is a bank, so this is how that kind of lender comes in, what it weighs, and how to arrive ready.
The Typical Arc
- A prequalification on you and the target, often from the first email.
- A full application and the bank's own underwrite of the deal.
- A term sheet, then closing on the SBA's timeline, commonly two to four months.
What It Weighs
- Whether the business's cash flow covers the debt with room to spare.
- Your experience relative to the business you are buying.
- Your equity injection and how clean the financials are.
How to Prepare
- Model the payment and coverage before you call. SBA Acquisition Calculator
- Underwrite the specific deal end to end. Underwrite a Deal
- Show where every dollar comes from and goes. Sources & Uses Builder
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