A business loan is like the blood of the business. They help business owners maintain the cash flow and help in other areas like purchasing new equipment and hiring extra staff. It also gives the business owner flexibility to apply for different types of loans that vary in terms of Amount and tenure. The loans come with convenient repayment options.
Pacific Premier Bancorp, Inc. is the most prominent bank in the field of small business loans. Their functional features and loan structure are very excellent. Apart from this, they have some of the best and well-educated staff. It is the holding company for Pacific Premier Bank, one of the largest banks headquartered in Southern California, with assets of approximately $11.8 billion as of December 31, 2019.
Its assets totaled approximately $11.8 billion. Pacific Premier Financial Services serves the California markets of Orange, Los Angeles, Riverside, San Bernardino, San Diego, San Luis Obispo, Santa Barbara counties, and the Arizona, Nevada, and Washington markets through small and central markets in Arizona, Nevada, and Washington.
Through more than 40 depository offices, Pacific Premier Bank offers various loan products, including commercial loans, commercial real estate loans, construction loans, SBA loans, and specialty banking products such as homeowner association loans and national franchise loans.
The best part of the bank is that they offer readymade and tailored loaning solutions that suit your requirements. The overall loaning procedure is straightforward and eliminates any complexity. The staff is amicable and is always there to help out by providing experts suggestions.
An Overview of Pacific Premier Bancorp Inc.’s Loans
Pacific’s Premier Bancrop Inc was founded in the year 1983 with its headquarter in Irvine, California. With 8$ billion in assets and 6$ billion in deposits, Pacific Premier is a large Bank.
Pacific Premier Bancorp does not have a premium portal to assist representatives, and there are all-day live chats or service options. It is a typical bank, available for both points of sale, online services, and the mobile app.
With a rating of 3.6 stars out of 5, Pacific Premier Bancorp should be at the heart of your search for a bank. Pacific Premier offers customers various banking services, including money market accounts, financial savings accounts, Bank Cards, checking accounts, and IRAs. Compared to regular financial savings accounts, the fees for financial savings accounts are more affordable.
The monthly fee for this bank’s regular checking product is $8, which is among the highest monthly fee. Finding out checking accounts without a financial savings account and monthly fees with a higher interest rate is your best bet for making the most of your savings and accessing your money quickly.
Headquartered in Irvine, California, Opus operates 46 banking locations in California, Washington, Oregon, and Arizona, with total assets of $8 billion, total loans of $5.9 billion, and total deposits of $6.5 billion as of December 31, 2019. The transaction will bring Pacific Premier Bank's total assets to approximately $20 billion (pro-rata) as of December 31, 2019.Types of Loans Offered by Pacific Premier Bancorp Inc.
Types of Loans Offered by Pacific Premier Bancrop Inc.
An SBA loan aims at catering to small and medium scale businesses for financial requirements such as working capital for fixed assets and other business expenses.
To acquire an SBA loan, a small business owner must be eligible. However, the eligibility is not as stringent as that offered directly by banks.
Quick Score Business Loan
Suppose you are looking for business solutions to help you purchase equipment financially used, increase inventory, or launch any products. In that case, a quick score loan from Pacific Premier Bancorp is one of the best solutions. Not only the processing amount is less, but also the rates are desirable.
The bank can vary up the loan term to a maximum of 60 months depending upon the loan amount. The loan is further subdivided into three types.
Business Line of Credit
If you are looking for a small business loan, you can apply for a business line of credit. This loan can help you to meet short-term goals in your business. This bank provides a flexible loan structure at unbelievable rates.
Business Term Loan
It is perfect for you to purchase computers, equipment, and vehicles for your business, and this loan further covers any other physical assets like tools and machinery. By taking a loan from the premier Pacifica bank, you enjoy competitive rates along with flexible loan structures.
Commercial Real Estate
Choose this loan if you want to purchase commercial purposes for your business. The loan is further classified into different types of loans. For example, a retail real estate investor is for you if you are an investor or a broker. And if you want to purchase land/are for your business. Then you must choose owner-occupied. Bank offer highly competitive rates.
It is a central government funding scheme dedicated to providing financial support to small business owners. You can apply for SBA (7A) Or SBA (504) LOAN. There is also a California Capital SS Program. With this scheme, you don’t have to fulfill bank minimum requirements to get a loan.
- Allows you to make upgrades and install necessary equipment without incurring additional costs.
- You can not only start a new business with the help of SBA 7(a), but you can also purchase already established businesses with the help of this program.
- Contributes to the refurbishment and modernization of the facility.
- It contributes to the expansion of business horizons.
- Debt consolidation
- SBA Express is a service provided by the Small Business Administration.
What Lending Criteria Does the Bank Have?
But does this mean that you will not be required to meet any eligibility requirements? No, there are still a few things that the bank needs to consider before giving your loan the go-ahead. If you're curious about what these requirements are, keep reading:
- The company's size must be within the parameters set by the Small Business Administration, and businesses should only operate within the boundaries of the United States."
- It is a for-profit enterprise with reasonable equity in the owner's name for future investments.
- The business has used resources that fall under the company's umbrella and personal and financial assets.
Quick Score Business Loan
Again, the bank can vary up the loan term to a maximum of 60 months depending upon the loan amount. The loan is further subdivided into three types.
Business Line of Credit
This loan can help you to meet short-term goals in your business. This bank provides a flexible loan structure at unbelievable rates.
Business Term Loan
It is perfect for you to purchase computers, equipment, and vehicles for your business. This loan further covers any other physical assets like tools and machinery.
In commercial real estate,
you must choose owner-occupied. Bank offers highly competitive rates.
There is also a California Capital SS Program. With this scheme, you don’t have to fulfill bank minimum requirements to get a loan.
Let's look into those details quickly.
1. Cash flow history and projections: Providing cash flow history and points gives the lenders an estimate about how debt a business can handle.
2. Balance Sheet: Factors such as liabilities, business assets, and owner equity come under a balance sheet. Lenders can predict your position at any given point in time through your balance sheet.
3. Credit Score: Make sure you have a good credit history. Lenders often go through two of your credit scores - personal and business.
4. Time in Business: Banks are stringent about your time in business. Most lenders prefer giving a loan to those who've completed two-three months.
Pacific Premier Bancorp Inc.’s Interest Rates, Fees, and Loan Options
SBA 7(a) Loan Program
Loans that are less than seven years.
- $25,000 or less: Prime rate plus 4.25%.
- $25,000 - $50,000: Prime rate plus 3.25%.
- Over $50,000: Prime rate plus 2.25%.
Loans that are longer than seven years.
- $25,000 or less: Prime rate plus 4.75%
- $25,001 to $50,000: Prime rate plus 3.75%
- Over $50,000: Prime rate plus 2.75%
Borrowers are obliged to pay a guarantee fee, which is a certain percentage of the loan amount. The fees range from 0% to 3.75% from veterans to other borrowers who seek a loan. The fee also depends on factors like the loan amount and maturity period.
There is a systematic way to pay the guaranty fee, and the SBA considers the fee in the following manner.
- $150,000 to $700,000 is 3% fee
- $701,000 to 1 million is 3.5% fee
- More than 1 million is 3.75% fee
For amounts lesser than $150,000, there is no guarantee fee. However, an amount of $150,000 is considered as a 0.25% guarantee fee.
Pacific Premier Bancorp Inc.’s Application
You can also refer to the information provided in the following section if you are unsure what you might need to do. Before or during the application process for a small business loan at the Pacific Premier Bancorp Inc., make sure to double-check the list.
- Obtain clarification on the most appropriate SBA program and then complete the application form for that program, if applicable.
- Fill in the blanks with accurate personal and financial information supported by your original documents and certificates.
- Obtaining a business certificate, permit, or license.
- Proof of your ability to repay the loan in the form of business financial statements
- Annual financial report' (for one year)
- Income tax returns are a type of tax return (past three years)
- Assurances concerning affiliations and ownership
- Profit and loss statement for the last 180 days' worth of transactions
- All of the terms and conditions of a business lease (from the landlord) must be met.
- History and challenges of the company
- Previous history of loans (if any)
Suppose you are not establishing a new business but are instead purchasing an existing small business. In that case, the application process may be different.
- A final price statement/proof of purchase (Inclusive of equipment, inventory, contract, and machines)
- The most recent balance sheet
- Profit and Loss Accounts
- Income tax returns are a type of tax return (past two years)
- Bill of sale that has been offered
- Formal documents stating the terms and conditions of a transaction
- A summary of the loan options available from United Bank
- Financially, earnings per share will grow double-digit in 2021, and the payback period will be 1.8 years with tangible projections.
- The greater scale allows us to improve efficiencies and leverage our technology investments.
- Increased revenue diversification with the addition of a robust Opus pay-as-you-go business.
- Large, secure, low-cost deposits through depositories and trust companies. Deposits offered to total $2 billion, with a blended cost of deposits of 0.10%.
- Accelerate the aging of capital, facilitate the pursuit of prudent capital management and increase the ability to return capital to shareholders.
Summary of Pacific Premier Bancorp Inc.’s Loan Options
The Pacific Premier Bancorp Inc. is one of those reputed financial institutions you can abide by. PPB is one of the top-tier banks that helps its customers through intelligent solutions and excellent service. Whether you're looking to open an account or a small business loan, PPB has got you covered.
The US Small Business Administration's orSBA loans are prominent across several top-tier banks, and the First Hawaiian Banks caters to small business loans smoothly. The bank is reliant on educating you about SBA loans, collecting your documents, and providing application forms.
The fund is the SBA's most popular lender, offering a full range of financing, money management, deposit solutions, and various collateral products, including commercial, medical, media, entertainment, corporate finance, multifamily commercial real estate, and structured finance.