Most of our loans take 2 to 3 weeks to process, unlike 2 to 3 months with other loan sources. Once the equity in the Church’s real estate is established, and the title search on the property is completed, funding follows shortly thereafter.
2. Easy Qualifying
Our loans are based primarily on the equity in the Church’s real estate. If the Church has the equity we require it’s rare we can’t arrange the loan. We don’t require credit reports and we don’t ask for income tax returns or profit and loss statements.
3. Minimal Paperwork
There are no forms to fill out. The information we need from the Church mostly involves photocopying existing material. Please note our, “Checklist of Items Required to Process a Loan Request”.
4. Fixed Interest Rate
Regardless of the term of the loan, the interest rate will be fixed. Therefore, the Church can make plans accordingly knowing the interest rate and monthly payments will not increase.
5. Various Repayment Schedules
We don’t offer a “one size fits all” loan program. Instead, we can design a loan that best meets the needs of the Church. Loans can be anywhere from interest only to fully amortized or any repayment schedule in between.
6. 1 to 15 Year Terms Available
In addition to various repayment plans we also offer a variety of loan terms depending on what best fits the Church. Some Churches prefer a longer term with lower monthly payments while others prefer to pay back the loan sooner and save on the overall interest.
7. No Prepayment Penalty
The Church can pay extra on the loan at any time, or pay off the loan in full, without being subject to a prepayment penalty. By periodically paying extra on the principal of the loan the Church can save on the total amount of interest it pays.
8. No Balloon Payment
We can arrange fully amortized loans (no balloon payment) with terms up to 20 years. The Church will not have to be concerned about refinancing the loan in the future because of a balloon payment.
9. No Personal Guarantee
None of the members of the Church will be asked to personally guarantee the loan. This includes any individuals who may sign loan documents on behalf of the Church. Also, we do not run credit reports on any member of the Church.
The Church does not have to travel to meet with us. We will come to the Church to meet with you and sign loan documents.
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