First Internet Bank of Indiana: SBA business acquisition lending record
First Internet Bank of Indiana (home state IN) approved 678 SBA 7(a) loans to buy existing businesses since FY2018, totaling $938M. The median loan was $948,500. It ranks number 6 of 280 lenders by count and made 1.4% of all SBA acquisition loans nationally.
SBA acquisition counsel, nationwide. Free consultation.
What this tells a borrower
- Deal size it funds. Half of its acquisition loans fell between $350,000 and $2,070,075. If your deal sits well outside that band, this lender may be less practiced at it.
- Geographic reach. Florida is the largest state (20% of loans). Loans appear in at least 15 states, which points to a national lender.
- Industry concentration. Plumbing, Heating, and Air-Conditioning Contractors is 5% of its acquisition loans. The mix is spread across several industries.
- Overall 7(a) volume. 1,804 SBA 7(a) loans of any purpose since FY2020, totaling $2.3B. 73% of its acquisition loans were processed under the Preferred Lenders Program.
- Franchise share. 8% of its acquisition loans involved a franchise brand, against 18% for all lenders.
- Seasoned performance. Of its loans from FY2018 to FY2021: 7.7% charged off, 118% higher than the 3.5% national average.
First Internet Bank of Indiana acquisition loans by year
| Fiscal year | Loans | Total approved | Median loan | |
|---|---|---|---|---|
| FY2018 | 10 | $13.9M | $1,138,550 | |
| FY2019 | 10 | $12.2M | $904,550 | |
| FY2020 | 13 | $13.5M | $832,000 | |
| FY2021 | 6 | $10.9M | $937,000 | |
| FY2022 | 29 | $35.7M | $944,000 | |
| FY2023 | 67 | $91.8M | $1,001,000 | |
| FY2024 | 103 | $146M | $933,000 | |
| FY2025 | 239 | $372M | $1,111,000 | |
| FY2026 | 201 | $243M | $750,000 |
How often do these acquisition loans fail?
Of the 39 First Internet Bank of Indiana acquisition loans approved from FY2018 to FY2021 (the seasoned cohort, every loan at least about five years old), 3 have been charged off by the SBA, a rate of 7.7% by loan count and 1.8% by dollars. 26 have already been paid in full.
For comparison, the charge-off rate across all SBA 7(a) acquisition loans in the same cohort is 3.5%, so First Internet Bank of Indiana is 118% higher than the acquisition-loan average. Non-acquisition 7(a) loans (every other stated purpose) approved FY2018 to FY2021 charged off at 6.2%.
"Charged off" is the SBA's final loss action on a defaulted loan after collection efforts. It lags default by a year or more, which is why only older cohorts are measured. It is not the same as a delinquency rate, and loans still outstanding can still fail. See charge-off in the glossary.
M&A counsel for SBA and franchise acquisitions. Free consultation.
States served
| # | State | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Florida | 134 | 19.8% | $199M | |
| 2 | Texas | 72 | 10.6% | $87.3M | |
| 3 | California | 48 | 7.1% | $73.6M | |
| 4 | Indiana | 46 | 6.8% | $53.9M | |
| 5 | Michigan | 39 | 5.8% | $49.6M | |
| 6 | Colorado | 35 | 5.2% | $30.6M | |
| 7 | Illinois | 25 | 3.7% | $40.1M | |
| 8 | Georgia | 25 | 3.7% | $31.3M | |
| 9 | New York | 22 | 3.2% | $31.8M | |
| 10 | Arizona | 18 | 2.7% | $34.6M | |
| 11 | Pennsylvania | 18 | 2.7% | $26.4M | |
| 12 | New Jersey | 17 | 2.5% | $20.1M | |
| 13 | Wisconsin | 17 | 2.5% | $19M | |
| 14 | Maryland | 16 | 2.4% | $27.7M | |
| 15 | Washington | 14 | 2.1% | $23.7M |
Industries financed
| # | Industry | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Plumbing, Heating, and Air-Conditioning Contractors | 31 | 4.6% | $34.7M | |
| 2 | Full-Service Restaurants | 27 | 4.0% | $42.9M | |
| 3 | All Other Specialty Trade Contractors | 24 | 3.5% | $28.3M | |
| 4 | Limited-Service Restaurants | 17 | 2.5% | $17.1M | |
| 5 | Landscaping Services | 13 | 1.9% | $17M | |
| 6 | General Automotive Repair | 13 | 1.9% | $14.1M | |
| 7 | Roofing Contractors | 13 | 1.9% | $12.7M | |
| 8 | Beer, Wine, and Liquor Retailers | 12 | 1.8% | $9.6M | |
| 9 | Electrical Contractors and Other Wiring Installation Contractors | 11 | 1.6% | $20.7M | |
| 10 | All Other Personal Services | 11 | 1.6% | $12.6M |
Purchase agreement, escrow and consents. Free consultation.
Franchise brands financed
| # | Franchise | Loans | Share | Dollars | |
|---|---|---|---|---|---|
| 1 | Dairy Queen | 3 | 0.4% | $3.5M | |
| 2 | GPM Empire | 3 | 0.4% | $1.6M | |
| 3 | Petland | 2 | 0.3% | $6.3M | |
| 4 | Comfort Inn | 2 | 0.3% | $4.4M | |
| 5 | Re-Bath | 2 | 0.3% | $2.9M | |
| 6 | Visiting Angels | 2 | 0.3% | $1.7M | |
| 7 | Anytime Fitness | 2 | 0.3% | $1.1M | |
| 8 | Maaco | 2 | 0.3% | $470K | |
| 9 | Clarion Inn | 1 | 0.1% | $3.4M | |
| 10 | Best Western | 1 | 0.1% | $3.3M |
Questions buyers ask
Does First Internet Bank of Indiana make SBA acquisition loans?
Yes. First Internet Bank of Indiana approved 678 SBA 7(a) loans to buy existing businesses from FY2018 to FY2026, ranking number 6 of 280 lenders with 25 or more such loans. The SBA file shows past approvals only; it cannot tell you whether the lender will approve a particular buyer or deal.
How large are First Internet Bank of Indiana's acquisition loans?
The median was $948,500, with the middle half between $350,000 and $2,070,075. The national median is $645,250, so this lender's typical loan is 47% higher than the national figure.
Which states does First Internet Bank of Indiana lend in?
Florida (134), Texas (72), California (48), Indiana (46), Michigan (39), Colorado (35). Its loans span at least 15 states.
Which industries does First Internet Bank of Indiana finance?
Plumbing, Heating, and Air-Conditioning Contractors (31), Full-Service Restaurants (27), All Other Specialty Trade Contractors (24), Limited-Service Restaurants (17), Landscaping Services (13). The top industry is 5% of its acquisition loans.
How have First Internet Bank of Indiana's acquisition loans performed?
Of 39 loans approved FY2018 to FY2021: 7.7% charged off, 118% higher than the 3.5% national acquisition average. Charge-offs reflect the borrowers and industries a lender serves as well as its underwriting.
SBA 7(a) acquisitions, nationwide. Free consultation.
Advertise on this site: lenders, brokers, valuation and insurance firms. See options
Related
- Florida acquisitions
- Texas acquisitions
- California acquisitions
- Plumbing, Heating, and Air-Conditioning Contractors
- Full-Service Restaurants
- All Other Specialty Trade Contractors
- All lenders
Figures are aggregates of public SBA data. This page is not provided or endorsed by First Internet Bank of Indiana.