WE PAY FOR REFERRALS
WE PAY FOR REFERRALS
If you are considering church refinancing, the first steps are determining your short and long term goals and then evaluating the different types of church refinancing programs that are available to you. Once you have your goals to what's available, you will be able to make an informed decision on how you want to proceed. The first thing to consider is your current interest rate. If the church was bought when interest rates were high or if you have an adjustable rate mortgage, chances are refinancing to a different- lower term may be able to save your church money immediately and over the course of your church loan. If you purchased or financed when interest rates were low, church refinancing may not be the best thing to do. In the past, it was a general rule that refinancing makes good financial sense if your current interest rate is at least 1.5 percentage points higher than the current market rate and your church or organization plans to reside in the church for at least 3 years.
Consider a church refinance:
Request a Free Analysis for Church Refinance Savings! The most competitive interest rates!
CHURCH CONSTRUCTION LOAN TO PERMANENT LOAN PROGRAM
Our network lender programs combine the church construction loan and permanent financing of your project. You qualify for the loan once, lock in the permanent rate, sign one set of loan documents and have up to 12 months to complete the construction.During the construction period, interest is charged only on the funds that have been disbursed. When the project is completed, the permanent loan period begins.This is a "One Time Close" church construction loan program to finance the construction of a new sanctuary, educational wing, gymnasium, etc. providing both the construction financing and permanent loan all in one closing. This means that you sign only one set of loan documents and do not have to worry about re-qualifying, re-appraisals, additional closing costs or signing additional loan documents.Unlike a purchase transaction of an existing church, a Construction To Permanent Loan involves determining the value of something that is not yet constructed! To assist the appraiser and the lender in determining the value of the structure after it is built, information must provided as to:
You will have another very important item to be concerned with, which is your organizations choice of the general contractor who will be awarded the contract and the actual text of the construction contract. From the general contractor, the lender will need a resume and a builder's application to be completed along with a credit check. This is for your protection as well as the capital provider's, and ensures that he/she is experienced, has a proven tract record, and will be able to perform under the terms of the contract. In addition to the above, our network lenders will of course need the standard income and credit documentation that is required in any real estate transaction.
CHURCH MORTGAGE LOAN
This type of loan is used to buy real estate and is always a first mortgage. Your organization may be purchasing land, a larger sanctuary, or even a day care center. Each of these has its own set of lending "rules" that dictate how your church mortgage can be structured.
Our network lenders will consider the property type, your organization's assets, income, and the amount of money you have to put down to determine how much they will lend and at what rate.
To apply for a church mortgage, the following must be submitted to us:
Estimated appraisal value of the property to be mortgaged to secure the financing. If an appraisal is not available, we will consider the ï¿½book valueï¿½ or other indicators as part of our preliminary evaluation.
A brief history of the church including date of origin, denominational affiliation, if any, and adult membership and attendance figures.
Loan amount should normally not exceed three times the churchï¿½s last fiscal yearï¿½s total support and revenue.
Use of Proceeds:
Itemized list of the intended use of the requested loan proceeds.
Ability to Repay:
The church must demonstrate the ability during its preceding two fiscal periods to comfortably repay the anticipated mortgage loan.
In renovation or construction projects, the church must engage an independent general contractor under a firm fixed-price contract.
*Non-Profit Corporation Our loans are available exclusively to those organizations deemed "non-profit" organizations by the Internal Revenue Service, such as churches and schools...