Commercial Loan Frequently Asked Questions
You’ve got questions, we’ve got answers! Check out our frequently asked questions below. Still have a question or need additional information? Contact one of our Loan Officers for help.
|What types of loans does Fidelity Bank offer?
Fidelity Bank currently offers the following types of loans:
- Residential Loans
- Commercial Loans
- Conventional-FHA-VA-USDA Loans
- Home Equity Loans
- New Construction Loans
- Investor Loans (rental homes)
- Lot Loans
- Working Capital Loans
- Equipment Loans
- Rehab or Remodel Loans
- Bridge/Temporary Loans
|What items do I need to process my loan?
There are essential documents you will need to produce in order for your loan to be processed following approval:
- Pay stubs from the previous 30 days
- Copies of your W-2 forms and tax returns from the previous two (2) calendar years
- Bank statements from previous two (2) months
- Recent investment statement (ex: 401k, capital market)
- Copy of your photo identification
- History of residence for past two (2) years
- Insurance agent name and contact information
|What is the construction loan draw request process?
To make a draw request, you must submit using the Fidelity Bank Construction Loan Draw Request Form. The request minimum is $5,000 unless near construction completion or you are requesting funds for a permit. Draw requests should be submitted a maximum of one time each month or meet the requirement of two (2) weeks apart. You are required to submit 95% of the previous lien waivers. When making a draw request, you must include:
Send all documents as PDF files via email or you can fax us at: 1.866.637.0577.
- The subcontractor or vendor name, description of the work completed, and amount.
- Copies of all invoices matching the submitted amount.
- A signed and totaled Construction Loan Draw Request Form matching amount requested.
All draw requests are subject to the following:
Not complete list of conditions, others may apply.
- A satisfactory inspection must be completed prior to funding any labor. Exception: The initial draw for permit, excavating and foundation.
- Allow 24-48 hours for the inspection to be completed and funds to be paid out via Fidelity Bank checking account or via cashier’s check.
- All draws are based on the percentage of completion, receipt of previous draw lien waivers and satisfactory loan status.
|What is the maximum loan to values?
- Residential Loans—95%
- Commercial Loans—75%
- Conventional-FHA-VA-USDA Loans—100%
- Home Equity Loans—80%
- New Construction Loans—80%
- Lot Loans—75%