First Internet Bank (INBK) in Indianapolis has appointed a executive to run its asset-based lending business.

The $802 million-asset company said that Daniel Burd had become a managing director in charge of asset-based lending. Burd has more than 30 years of experience in asset-based and commercial lending at various financial institutions including Northwest Acceptance, Commonwealth Financial, Congress Financial, Textron Financial, and Wells Fargo.

Burd will help "orchestrate the growth of this line of business," David Becker, First Internet's president and chief executive, said in a press release. Burd's passion for finding appropriate financing solutions and innovative working capital options will help small and midsize business clients grow, Becker added.

First Internet Bank Business Capital started operations last year under the leadership of Gregg Corey and Jennifer Eller. The division specializes in lending to companies that generate $10 million to $50 million in sales.

The First Internet unit is also expanding its commercial lending operations adding staff and a new branch in Phoenix.

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