Enterprise Bank And Trust Company Mortgage Rates, Fees & Info

Lowell, MA

LEI: 5493008ZK5SW6NTWB533

Tax ID: 04-2993547

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

Review & Overview

Enterprise Bank And Trust Company is a smaller bank specializing in Home Purchase loans. Enterprise Bank And Trust Company has a high proportion of conventional loans. Their top markets by origination volume include: Boston, Manchester, Concord, Worcester, and Portland among others. We have data for 11 markets. (Some data included below & more in-depth data is available with an active subscription.)

Enterprise Bank And Trust Company has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Enterprise Bank And Trust Company is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have about average rates.

We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™ Mortgage Type	Simulated Rate	Simulation Date
30 Year Conventional Purchase	6.00%	4/21/24
30 Year Conventional Refi	6.03%	4/21/24
30 Year Cash-out Refi	6.03%	4/21/24
15 Year Conventional Purchase	5.25%	4/21/24
15 Year Conventional Refi	5.64%	4/21/24
15 Year Cash-out Refi	5.64%	4/21/24
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

Enterprise Bank And Trust Company Mortgage Calculator

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This is not an official calculator from Enterprise Bank And Trust Company. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.

Originations

491

Origination Dollar Volume (All Markets)

$331,705,000

Employee count

538

Awards

Enterprise Bank and Trust Company 30 Year Conventional Loans silver

Enterprise Bank and Trust Company 30 Year Conventional Loans gold

Show all (4) awards

Top Markets

Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

Market	Originations	Total Value	Average Loan	Average Fees	Average Rate
Boston-Cambridge-Newton, MA-NH (FHA\|USDA\|VA)	343	$259,895,000	$757,711	$3,443	4.82%
MANCHESTER-NASHUA, NH (FHA\|USDA\|VA)	70	$24,890,000	$355,571	$2,873	4.61%
Concord, NH (FHA\|USDA\|VA)	5	$16,255,000	$3,251,000	$2,991	4.13%
WORCESTER, MA-CT (FHA\|USDA\|VA)	39	$13,495,000	$346,026	$3,293	4.93%
Outside of Metro Areas	4	$5,120,000	$1,280,000	$4,255	5.09%
PORTLAND-SOUTH PORTLAND, ME (FHA\|USDA\|VA)	10	$4,700,000	$470,000	$3,735	4.69%
Laconia, NH (FHA\|USDA\|VA)	7	$2,885,000	$412,143	$2,966	4.02%
BARNSTABLE TOWN, MA (FHA\|USDA\|VA)	6	$2,380,000	$396,667	$3,211	3.63%
Lebanon, NH-VT (FHA\|USDA\|VA)	4	$1,690,000	$422,500	$3,121	3.97%
Keene, NH (FHA\|USDA\|VA)	2	$210,000	$105,000	$2,816	5.25%
Berlin, NH (FHA\|USDA\|VA)	1	$185,000	$185,000	$3,297	3.63%

Enterprise Bank And Trust Company's top markets include Boston, Manchester, Concord, Worcester, and Portland among others.

Their top states include:

Massachusetts (FHA|USDA|VA)

New Hampshire (FHA|USDA|VA)

Maine (FHA|USDA|VA)

Similar Lenders

We use machine learning to identify the top lenders compared against Enterprise Bank and Trust Company based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

SOUTHBRIDGE CREDIT UNION
Similarity Rank: 80

Piscataqua Savings Bank
Similarity Rank: 118

First Ipswich Bank
Similarity Rank: 139

LEOMINSTER CREDIT UNION
Similarity Rank: 180

Charter Oak Federal Credit Union
Similarity Rank: 294

St. Anne's Credit Union of Fall River, Mass.
Similarity Rank: 417

Liberty Bank
Similarity Rank: 420

QUINCY CREDIT UNION
Similarity Rank: 435

Middlesex Savings Bank
Similarity Rank: 455

Members Plus Credit Union
Similarity Rank: 505

Product Mix

Loan Type	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Conventional	491	$331,705,000	$675,570	$3,323	4.76%

For 2019, Enterprise Bank And Trust Company's most frequently originated type of loan was Conventional, with 491 originations.

Loan Reason

Loan Reason	Originations	Total Value	Avg. Loan	Avg. Fees	Avg. Rate
Home Purchase	330	$230,380,000	$698,121	$3,656	5.00%
Refi	70	$60,050,000	$857,857	$2,851	4.29%
Cash Out Refi	58	$23,240,000	$400,690	$2,977	3.63%
Home Improvement	28	$16,590,000	$592,500	$2,684	5.53%
Other	5	$1,445,000	$289,000	$2,984	4.00%

For 2019, Enterprise Bank And Trust Company's most frequently cited loan purpose was Home Purchase, with 330 originations. The 2nd most popular reason was Refi, with 70 originations.

Loan Duration/Length

Loan Length	Originations	Total Value	Average Loan	Average Fees	Average Rate
30 Year	194	$87,740,000	$452,268	$3,375	3.81%
10 Year	106	$126,570,000	$1,194,057	$3,882	5.01%
1 Year	95	$45,175,000	$475,526	$0	6.33%
Other	46	$54,010,000	$1,174,130	$0	5.87%
15 Year	28	$8,570,000	$306,071	$2,950	3.47%
5 Year	12	$7,140,000	$595,000	$0	4.85%
20 Year	9	$2,395,000	$266,111	$3,104	3.93%
3 Year	1	$105,000	$105,000	$0	4.75%

For 2019, Enterprise Bank And Trust Company's most frequently cited loan duration was 30 Year, with 194 originations. The 2nd most popular length was 10 Year, with 106 originations.

Origination Fees/Closing Costs

Origination Fee/Closing Cost	Originations	Total Value	Average Loan
$<1k	205	$74,175,000	$361,829
$1k-2k	16	$4,460,000	$278,750
$2k-3k	7	$3,265,000	$466,429
$3k-4k	3	$1,535,000	$511,667
$4k-5k	1	$705,000	$705,000
$5k+	1	$1,045,000	$1,045,000

Enterprise Bank And Trust Company's average total fees were $3,375, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 205 originations.

Interest Rates

Loan Rate	Originations	Total Value	Average Loan
3-4%	177	$126,165,000	$712,797
4-5%	112	$68,260,000	$609,464
5-6%	102	$88,880,000	$871,373
6-7%	80	$40,740,000	$509,250
2.5-3%	10	$5,400,000	$540,000
7-8%	8	$2,010,000	$251,250
<2.5%	2	$250,000	$125,000

During 2019, Enterprise Bank And Trust Company's average interest rate for loans was 3.81%, while their most frequently originated rate bucket for loans was 3-4%, with 177 originations.

Loan Sizing

Loan Size	Originations	Total Value	Average Loan	Average Fees	Average Rate
$200k-400k	207	$58,745,000	$283,792	$3,065	4.72%
$100k-200k	92	$13,890,000	$150,978	$2,685	4.68%
$400k-600k	85	$40,395,000	$475,235	$3,835	4.79%
$600k-1MM	49	$37,775,000	$770,918	$4,420	4.89%
$1MM+	41	$179,715,000	$4,383,293	$5,848	4.80%
$100,000 or less	17	$1,185,000	$69,706	$2,598	4.97%

2019 saw Enterprise Bank And Trust Company place emphasis on $200k-400k loans with 207 originations, totaling $58,745,000 in origination value.

Applicant Income

Applicant Income	Originations	Total Value	Average Loan	Average Fees	Average Rate
$150k-250k	55	$24,885,000	$452,455	$3,448	3.74%
$250k+	48	$27,870,000	$580,625	$3,886	3.69%
$100k-150k	46	$15,710,000	$341,522	$3,490	3.89%
$50k-75k	33	$6,865,000	$208,030	$2,867	3.78%
$50k or less	32	$6,500,000	$203,125	$2,721	4.37%
$75k-100k	32	$8,450,000	$264,063	$2,980	3.89%

Enterprise Bank And Trust Company lent most frequently to those with incomes in the $150k-250k range, with 55 originations. The second most popular income band? $250k+, with 48 originations.

Applicant Debt to Income Ratio

DTI Ratio	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-30%	65	$22,095,000	$339,923	$3,388	3.68%
30-36%	40	$13,980,000	$349,500	$3,262	3.64%
<20%	22	$10,220,000	$464,545	$3,308	3.58%
>60%	11	$6,555,000	$595,909	$3,589	3.52%
49%	10	$2,940,000	$294,000	$2,916	3.91%
46%	10	$5,880,000	$588,000	$3,345	3.50%
37%	10	$3,530,000	$353,000	$4,353	4.20%
41%	9	$2,255,000	$250,556	$3,033	4.36%
43%	9	$2,565,000	$285,000	$2,907	3.73%
47%	7	$2,575,000	$367,857	$3,118	4.12%
38%	6	$1,840,000	$306,667	$2,988	3.77%
36%	5	$1,305,000	$261,000	$3,260	4.35%
44%	5	$1,625,000	$325,000	$2,874	3.73%
50-60%	5	$2,775,000	$555,000	$3,712	3.53%
42%	4	$700,000	$175,000	$2,801	4.25%
40%	4	$940,000	$235,000	$2,911	4.00%
39%	4	$1,420,000	$355,000	$2,960	3.78%
45%	4	$970,000	$242,500	$4,717	4.13%
48%	3	$1,015,000	$338,333	$3,040	3.71%

Enterprise Bank And Trust Company lent most frequently to those with DTI ratios of 20-30%, with 65 originations. The next most common DTI ratio? 30-36%, with 40 originations.

Ethnicity Mix

Applicant Ethnicity	Originations	Total Value	Average Loan	Average Fees	Average Rate
Not applicable	210	$228,350,000	$1,087,381	$0	5.61%
White	196	$72,610,000	$370,459	$3,333	3.99%
Not provided	77	$29,285,000	$380,325	$3,382	4.49%
Asian	3	$685,000	$228,333	$2,842	3.38%
Black	2	$330,000	$165,000	$1,844	3.25%
American Indian	1	$225,000	$225,000	$3,144	3.38%
Asian Indian	1	$125,000	$125,000	$3,074	4.00%
Other Asian	1	$95,000	$95,000	$0	6.50%

Approval Rates

Total approvals of all applications
95.11%

Enterprise Bank And Trust Company has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

Pick Rate

Approvals leading to origination
76.58%

Enterprise Bank And Trust Company has a below average pick rate.

Points and Fees

Points	Originations	Total Value	Average Loan
NA	491	$331,705,000	$675,570

Occupancy Type Mix

Dwelling Type	Originations	Total Value	Average Loan
Multifamily:Site-Built	51	$162,785,000	$3,191,863
Single Family (1-4 Units):Site-Built	440	$168,920,000	$383,909

LTV Distribution

Loan to Value	Originations	Total Value	Average Loan	Average Fees	Average Rate
20-40%	32	$10,870,000	$339,688	$2,871	4.28%
40-60%	90	$39,050,000	$433,889	$3,039	4.71%
60-80%	298	$259,720,000	$871,544	$3,388	4.96%
80-100%	61	$20,935,000	$343,197	$3,616	4.02%
Under 20%	10	$1,130,000	$113,000	$2,490	5.26%

Complaints

Bank Name	Product	Issue	2019 CPFB Complaints	% of Total Issues
EnTrust Funding	VA mortgage	Applying for a mortgage or refinancing an existing mortgage	1	100.0%

Bank Details

Branches

Bank Name	Branch	Branch Type	Deposits (000's)
Enterprise Bank and Trust Company	1120 Main Street Tewksbury, MA 1876	Full Service B&M	$90,168
Enterprise Bank and Trust Company	1168 Lakeview Avenue Dracut, MA 1826	Full Service B&M	$116,178
Enterprise Bank and Trust Company	13-15 Indian Rock Road Windham, NH 3087	Full Service B&M	$24,085
Enterprise Bank and Trust Company	139 Bridge Street, Route 38 Pelham, NH 3076	Full Service B&M	$72,219
Enterprise Bank and Trust Company	185 Littleton Road Chelmsford, MA 1824	Full Service B&M	$177,838
Enterprise Bank and Trust Company	20 Drum Hill Road Chelmsford, MA 1824	Full Service B&M	$151,443
Enterprise Bank and Trust Company	222 Merrimack Street Lowell, MA 1852	Full Service B&M	$498,016
Enterprise Bank and Trust Company	233 Boston Road North Billerica, MA 1862	Full Service B&M	$140,385
Enterprise Bank and Trust Company	237 Littleton Road Westford, MA 1886	Full Service B&M	$116,709
Enterprise Bank and Trust Company	253 Middlesex Road Tyngsboro, MA 1879	Full Service B&M	$45,318
Enterprise Bank and Trust Company	255 Broadway Methuen, MA 1844	Full Service B&M	$106,490
Enterprise Bank and Trust Company	290 Merrimack Street Lawrence, MA 1843	Full Service B&M	$100,516
Enterprise Bank and Trust Company	340 Great Road Acton, MA 1720	Full Service B&M	$70,174
Enterprise Bank and Trust Company	420 John Fitch Highway Fitchburg, MA 1420	Full Service B&M	$98,513
Enterprise Bank and Trust Company	430 Gorham Street Lowell, MA 1852	Full Service B&M	$42,670
Enterprise Bank and Trust Company	45 Lowell Road Hudson, NH 3051	Full Service B&M	$75,268
Enterprise Bank and Trust Company	47 Crystal Avenue Derry, NH 3038	Full Service B&M	$80,425
Enterprise Bank and Trust Company	493 Amherst St Nashua, NH 3063	Full Service B&M	$39,637
Enterprise Bank and Trust Company	55 Main Street Salem, NH 3079	Full Service B&M	$209,464
Enterprise Bank and Trust Company	65 Main Street Leominster, MA 1453	Full Service B&M	$118,474
Enterprise Bank and Trust Company	674 Boston Road Billerica, MA 1821	Full Service B&M	$116,732
Enterprise Bank and Trust Company	8 High Street Andover, MA 1810	Full Service B&M	$188,890
Enterprise Bank and Trust Company	86-88 Main Street Nashua, NH 3060	Full Service B&M	$64,901
Enterprise Bank and Trust Company	910 Andover Street Tewksbury, MA 1876	Full Service B&M	$85,900

For 2019, Enterprise Bank And Trust Company had 24 branches.

Yearly Performance Overview

Bank Income

Item	Value (in 000's)
Total interest income	$137,303
Net interest income	$116,977
Total noninterest income	$15,709
Gross Fiduciary activities income	$4,341
Service charges on deposit accounts	$4,610
Trading account gains and fees	$0
Additional Noninterest Income	$6,758
Pre-tax net operating income	$45,219
Securities gains (or losses, -)	$514
Income before extraordinary items	$35,030
Discontinued Operations (Extraordinary gains, net)	$0
Net income of bank and minority interests	$35,030
Minority interest net income	$0
Net income	$35,030
Sale, conversion, retirement of capital stock, net	$0
Net operating income	$34,623

Enterprise Bank And Trust Company's gross interest income from loans was $137,303,000.
Enterprise Bank And Trust Company's net interest income from loans was $116,977,000.
Enterprise Bank And Trust Company's fee based income from loans was $4,610,000.
Enterprise Bank And Trust Company's net income from loans was $35,030,000.

Bank Expenses

Item	Value (in 000's)
Total interest expense	$20,326
Provision for credit losses	$1,180
Total noninterest expense	$86,287
Salaries and employee benefits	$56,059
Premises and equipment expense	$10,480
Additional noninterest expense	$19,748
Applicable income taxes	$10,703
Net charge-offs	$1,414
Cash dividends	$5,700

Enterprise Bank And Trust Company's interest expense for loans was $20,326,000.
Enterprise Bank And Trust Company's payroll and benefits expense were $56,059,000.
Enterprise Bank And Trust Company's property, plant and equipment expenses $10,480,000.

Loan Performance

Type of Loan	% of Loans Noncurrent (30+ days, end of period snapshot)
All loans	0.0%
Real Estate loans	0.0%
Construction & Land Development loans	0.0%
Nonfarm, nonresidential loans	0.0%
Multifamily residential loans	0.0%
1-4 family residential loans	0.0%
HELOC loans	0.0%
All other family	0.0%
Commercial & industrial loans	0.0%
Personal loans	0.0%
Credit card loans	0.0%
Other individual loans	0.0%
Auto loans	0.0%
Other consumer loans	0.0%
Unsecured commercial real estate loans	0.0%

Deposits

Type	Value (in 000's)
Total deposits	$2,787,082
Deposits held in domestic offices	$2,787,082
Deposits by Individuals, partnerships, and corporations	$2,528,320
Deposits by U.S. Government	$0
Deposits by States and political subdivisions in the U.S.	$251,292
Deposits by Commercial banks and other depository institutions in U.S.	$7,470
Deposits by Banks in foreign countries	$0
Deposits by Foreign governments and official institutions	$0
Transaction accounts	$428,214
Demand deposits	$298,462
Nontransaction accounts	$2,358,868
Money market deposit accounts (MMDAs)	$1,844,724
Other savings deposits (excluding MMDAs)	$203,194
Total time deposits	$310,951
Total time and savings deposits	$2,488,620
Noninterest-bearing deposits	$840,904
Interest-bearing deposits	$1,946,178
Retail deposits	$2,696,882
IRAs and Keogh plan accounts	$46,352
Brokered deposits	$0
Deposits held in foreign offices	$0

Assets

Asset	Value (in 000's)
Total Assets	$3,235,049
Cash & Balances due from depository institutions	$64,249
Interest-bearing balances	$28,546
Total securities	$504,800
Federal funds sold & reverse repurchase	$0
Net loans and leases	$2,532,446
Loan and leases loss allowance	$33,614
Trading account assets	$0
Bank premises and fixed assets	$43,966
Other real estate owned	$0
Goodwill and other intangibles	$5,656
All other assets	$83,932

Liabilities

Liabilities	Value (in 000's)
Total liabilities and capital	$3,235,049
Total Liabilities	$2,924,008
Total deposits	$2,787,082
Interest-bearing deposits	$1,946,178
Deposits held in domestic offices	$2,787,082
% insured (estimated)	$65
Federal funds purchased and repurchase agreements	$0
Trading liabilities	$0
Other borrowed funds	$96,173
Subordinated debt	$0
All other liabilities	$40,753

Issued Loan Types

Type	Value (in 000's)
Net loans and leases	$2,532,446
Loan and leases loss allowance	$33,614
Total loans and leases (domestic)	$2,566,060
All real estate loans	$2,057,937
Real estate loans in domestic offices	$2,057,937
Construction and development loans	$332,378
Residential 1-4 family construction	$161,367
Other construction, all land development and other land	$171,011
Loans secured by nonfarm nonresidential properties	$984,061
Nonfarm nonresidential secured by owner-occupied properties	$558,395
Commercial real estate & other non-farm, non-residential	$425,666
Multifamily residential real estate	$205,722
1-4 family residential loans	$535,776
Farmland loans	$0
Loans held in foreign offices	$0
Farm loans	$225
Commercial and industrial loans	$440,271
To non-U.S. addressees	$0
Loans to individuals	$10,049
Credit card loans	$0
Related Plans	$0
Consumer Auto Loans	$455
Other loans to individuals	$9,594
All other loans & leases	$57,578
Loans to foreign governments and official institutions	$0
Other loans	$0
Loans to depository institutions and acceptances of other banks	$0
Loans not secured by real estate	$0
Loans secured by real estate to non-U.S. addressees	$0
Restructured Loans & leases	$11,259
Non 1-4 family restructured loans & leases	$10,806
Total loans and leases (foreign)	$0

Enterprise Bank and Trust Company had $2,532,446,000 of loans outstanding in 2019. $2,057,937,000 of loans were in real estate loans. $332,378,000 of loans were in development loans. $205,722,000 of loans were in multifamily mortgage loans. $535,776,000 of loans were in 1-4 family mortgage loans. $225,000 of loans were in farm loans. $0 of loans were in credit card loans. $455,000 of loans were in the auto loan category.

Small Business Loans

Categorization	# of Loans in Category	$ amount of loans (in 000's)	Average $/loan
Nonfarm, nonresidential loans - <$1MM	1,527	$426,387	$279,232
Nonfarm, nonresidential loans - <$100k	134	$7,668	$57,224
Nonfarm, nonresidential loans - $100-250k	518	$70,768	$136,618
Nonfarm, nonresidential loans - $250k-1MM	875	$347,951	$397,658
Commercial & Industrial, US addressed loans - <$1MM	2,937	$254,848	$86,772
Commercial & Industrial, US addressed loans - <$100k	2,003	$62,387	$31,147
Commercial & Industrial, US addressed loans - $100-250k	525	$62,930	$119,867
Commercial & Industrial, US addressed loans - $250k-1MM	409	$129,531	$316,702
Agriculture operations loans - <$1MM	1	$225	$225,000
Agriculture operations loans - $100-250k	1	$225	$225,000