Church loans are obtainable in the current financial climate. The slow economy has impacted the growth and stability of many churches throughout the nation. Many congregations simply do not have the money to support their churches, as they would like. The need for churches to renovate, repair and rebuild has been compounded by numerous recent natural disasters. Few regions of the country have been spared from floods, tornadoes, wildfires, hurricanes and earthquakes or various combinations of these “Acts of God”.
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Special Loan Programs
There is church financing for almost any conceivable situation that you may find your church in here in the USA. Churches in other countries may or may not have access the various programs describe here:
Traditional commercial loans with amortization schedules from 10 – 30 years and fixed rates of 5 to 20 years.
- Loans based upon the multiple of income: this loan may be easier for younger churches to qualify for. The interest rate may also be slightly higher.
- Foreclosure Prevention: these are interest-only loans to help save your church from foreclosure. The next step is to refinance to obtain a more manageable mortgage.
- Low down payment loans: You can achieve a loan with a LTV as high as 90% by combining a first and second trust mortgage. They second mortgage will usually be some form of seller financing.
- If you church is well establish and needs a long term fixed rate loan, a church bond program may be the financing option that makes the most sense. A bond program will offer a long-term low interest safe loan for your place of worship.
Some Types Of Church Loans Offered:
- Loan to purchase real estate – 80% LTV or 90% LTV with combined loans
- Refinancing – If your church needs to take advantage of today’s lower interest rates or to pay off a balloon loan – get a quote in 24 hours or less.
- Renovation and/or Reconstruction – Accomplish your expansion plans or repair and improve your establishment. This kind of church loans may be especially applicable to churches that have been damaged or destroyed in recent natural disasters.
- Construction loans – Build a new church or a large expansion project.
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Some Things To Look For When Considering A Church Funding Source
- Large number of loan programs to choose from (one of our sources have 25 loan programs)
- No personal guarantees by church officers
- No CPA-audited financials for smaller loans
- High loan to value rates. Some programs may go as high as 80% LTV and you may even be able to get 90% LTV by using a second trust loan
- No upfront fees
- 24 hour loan analysis with no obligation written offer to your church
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