| Part I: Prequalification Letter |
This phase begins with your loan inquiry and culminates with the issuance of a Prequalification Letter. The Prequalification Letter provides you with the primary aspects of the proposed loan structure such as loan amount, amortization, interest rate, and collateral. The Prequalification Letter is the initial document that outlines your loan information and is non-binding.
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| Part II: Application Phase |
At this phase your inquiry has been reviewed by an experienced loan officer. If your inquiry meets our initial programmatic guidelines, you will be invited to complete a Pacific Capital Bank application package.
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| Part III: Conditional Loan Commitment |
Once a completed application package is received, the loan officer will finalize the loan approval process and issue the Conditional Loan Commitment. The Conditional Loan Commitment outlines contingencies, including due diligence, that must be satisfied prior to loan closing.
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| Part IV: Due Diligence Phase |
The due diligence phase is the period of time after the application has been reviewed by Pacific Capital Bank. At this time we review the appropriate third party reports such as appraisals, environmental reports, survey, title search and commitment, UCC searches, lien and judgment searches and other reports and due diligence depending on your specific type of loan.
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| Part IV: Closing Phase |
After final review of the supporting documents and third party reports is completed, and upon obtaining credit approval, the closing phase begins, and typically lasts 2-5 days. Your Pacific Capital Bank team of SBA specialists will be there to assist you, and to get your loan closed as quickly as possible.
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To speak with a Financial Services Representative,
please call: 1-866-970-4400
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