I. Why acquiring a church loan with a traditional bank is difficult
II. Church loan procedure with BDM Mortgage
III. Purposes of a Church Loan
IV. What to do next
Churches, like for-profit businesses, have been hit hard with the recent restrictions and credit tightening surrounding capital procurement from traditional lenders. Religious institutions looking to secure financing from a traditional bank can expect waiting from weeks to months for an approval only to be denied after multiple paperwork sumbissions. This inefficient process can become both time consuming, burdensome and frustrating for church leaders and their members. Thankfully there is another answer: church loan financing through BDM Mortgage.
BDM Mortgage finances church loans of all types and sizes. Why is securing a church loan with BDM a better alternative to traditional banks? Because unlike traditional banks who may require extensive information which can include a resume of the pastor, financial information for every Board of Trustee member or a personal guarantee, BDM Mortgage basis its loan granting decision on the church’s real estate equity, although additional information may be required to secure the mortgage. This simple approach makes working with BDM an easy and pleasurable experience.
Don’t fall victim to traditional big bank games! Avoid damaging terms like balloon payments, premature call dates and adjustable interest rates. BDM can arrange a fully amortized loan payment plan so that you are never unsure of the amount of your payment, or have to worry about it going up.
Submitting a BDM Church Loan application is an easy process. Simply provide the following documentation:
1. Articles of Incorporation
2. Copy of Church By-Laws
3. Fire Insurance Information for the Property
4. 12 Months Bank Statements (photocopies are acceptable)
5. Letter of Resolution on Church letterhead:
a. Authorizing BDM to arrange the loan
b. State the loan amount and the person authorized to sign on behalf of the Church
c. Must be signed by a member of the Church who is not signing the loan documents
d. Names and Address of the Board of Directors
e. All information regarding existing mortgage(s) on Church property. Including lenders:
iii. Phone Number
iv. Loan Number
v. Outstanding Principle
Use your church loan for valuable improvements, or to help provide for your growing congregation. Some of the uses our clients have for their church loan financing include:
• Purchase of a New Property
• Refinance an Existing Loan
• Improvements and Remodeling
• Classroom Upgrades
• Retreat and Sanctuary Buildings
Next Steps to acquiring a church mortgage loan
Once your organization has made the important decision to acquire a new loan, contact BDM offices for complete details on applying.
You can trust BDM. Over 20 years of experience, and 45 million in loan grants since 1992, BDM brings a unique level of understanding to the church loan process. We have helped hundreds of churches realize their dream of expansion, remolding and more with a new mortgage. We have helped lift our clients from their burdensome current mortgage by granting loans with more favorable terms, and we have done all this with a simple and easy to use process. No unnecessary paperwork or intrusive application process. Our method is simple and our results are amazing.