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Founded in 1999 and based in Woodland Park, New Jersey, IndyBanc is a loan management company that also functions as a financial market expert for consumers seeking advice. 

For the purposes of this review, we’ll discuss IndyBanc’s business loans, but consumers should be aware that the company also offers the following products and services: 

  • Construction loans
  • Rehab and building flipping loans
  • Loans to foreign national 
  • Debt consolidation loans

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The Good

  • Flexible Loan Purpose
  • Minimal Requirements 
  • Real Estate Specialty 

Flexible Loan Purpose 

IndyBanc is flexible with how you can use your loan, stating that loans can be utilized for business expansion, inventory procurement, payroll management, or nearly any other purpose required by the business. 

Minimal Requirements 

IndyBanc’s business loans requirements are realistic and minimal in comparison with traditional banks and some other business lenders. 

The requirements include the following: 

  • A personal credit score of at least 500
  • Debt to income ratio of less than 36 percent 
  • Prove of sustainable cash flow
  • 2+ years’ experience in the business industry
  • Collateral and assets disclosure
  • Business plan

The documents needed include the following: 

  • Loan application
  • Personal financial and bank statements
  • Business financial and bank statements
  • Revenue and balance sheets
  • Ownership affiliates
  • Business certificates of licenses
  • Credit reports
  • Tax returns
  • Business profiles

Real Estate Specialty 

IndyBanc goes beyond what many nontraditional business lenders can provide by offering mortgage and other real estate assistance. IndyBanc is equipped to meet most real estate needs of businesses, whether financing is for a new construction, a new purchase, or a flip. And the company will work with lawyers, realtors, and sellers throughout the process as needed.

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The Bad

  • Consultation Required for Loan Details

Consultation Required for Loan Details 

It’s unclear what types of business loans IndyBanc offers beyond invoice factoring, business loans secured by real estate, and short-term commercial loans, which are specifically listed on the website. 

So if you’re looking for a certain type of business loan, the company may or may not be able to deliver one or more of these specific loan types: 

  • Line of credit
  • Small Business Administration (SBA) loan
  • Business-term loan 
  • Merchant cash advance (MCA) 
  • Equipment financing
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The Bottom Line

Because it offers commercial real estate, construction, and rehab/flipping loans, IndyBanc may be an especially good fit for businesses looking to build, expand, or otherwise change a storefront or other retail or office space. 

As for specific business loans, you’ll need to contact IndyBanc to find out what types of business loans it offers. And, as you should do with every lender, make sure you understand all the terms of the loan before signing.

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