I applied with Celtic Bank for an SBA loan and it was complete turmoil and a waste of time and energy.
They went back and forth for almost 2 months. One person saying one thing and the next person something completely different. I sent over all requested documents to Adrien Drake, but they would never tell me my down payment, full loan terms, etc. Communication was not the best. I was initially sent a decline letter. When I asked for an explanation as to why I was declined, Lori (junior underwriter) stated via email that the minimum DSCR was not met, but that she could not disclose what my DSCR score was. I then asked to speak with her boss and all of a sudden, she emails “we were able to make it work.” No explanation. Celtic Bank sent me what I thought was a pre-approval letter, however it was not. It was a pre-qualification letter. Celtic Bank, then sent me a letter stating that we were near or at closing and stated they were waiting for me to purchase insurance on the building (which would have been $1900) and to provide them with the real estate contract. Once my realtor notified me that what was sent to me was indeed not a preapproval letter, my realtor contacted Celtic bank where an email from Jami Lewis was sent stating that Lori (junior underwriter) is out of the office but that “I will have the underwriter look at our file to make sure we have everything to issue a pre-approval.” Realtors do not move without a pro-approval. This whole time, I was under the impression that I had been pre-approved yet they knew one had not been issued but was asking me to purchase thousands of dollars worth of insurance. They were waiting for a real estate contract, yet had not pre-approved me. The realtor can’t put in an offer without a pre-approval. Per email we had an expected closing date for the next month, yet a pre-approval letter had not been issued. Shortly thereafter I sent an email to Adrien Drake and cc’d Lori, the Better Business Bureau, SBA, and others explaining to them everything that had previously happened and how I was not pleased with the service that I was receiving. I gave them 4 business days to fix the issue, provide me with a pre approval (so that the realtor could put an offer in) and a clear timeline for the remainder of the loan process. Lori sent me a document to sign with the details of the loan, but making sure to reiterate that everything on the document was non-binding. They wanted me to sign that document and wait for it…..submit a good faith payment of $1500 payable to Celtic Bank!!! The terms were non-binding. The document stated that they could change any of the terms and conditions but that my $1500 was not refundable If I backed out! Whatttt??!?!! So as stated in the first email that I sent to them, we proceeded with other funding options. This bank has horrible reviews online but I was using them because the SBA referred them to me.
All I can say is that I am sooo grateful to God that I didn't get stuck in a situation with them. They have very high variable interest rates, prepayment penalties, and require no down payment. They are going to kill you in interest. They are very very shady and dishonest. I was a potential customer, however was treated like I needed to take whatever terms they set. I work way too hard to be treated like crap. I don’t even know the person reading this but I urge you to RUN the other way!! Whatever you need a loan for, it is definitely not worth getting ripped off by Celtic Bank!… read more