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:

Illinois Customers
Tyler Vandendooren
Vice President
Tyler.Vandendooren@fidelity-bank.com
815.273.2261 

Iowa Customers
Lucas Shivvers
Vice President and Chief Lending Officer
Lucas.Shivvers@fidelity-bank.com
817.281.0689

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 Insurance agent name and contact information History of residence and employment for past two (2) years

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: 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. Send all documents as PDF files via email or you can fax us at: 1.866.637.0577. All draw requests are subject to the following: 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. Not complete list of conditions, others may apply.

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% Rentals—90%