Easy Qualifier Program: This is our most lenient church loan
program and is generally used for two different purposes. When a church
is growing quickly and can not support the proposed payment on a
historical basis according to traditional bank standards this is a good
program. This is also a good program when a church is in a turn around
situation; maybe they have had some membership declines and are having
difficulty being approved under bank standards. The rates are slightly
higher but a church can borrow up to 4 times its gross income. No
personal guarantees are needed.
Traditional 5/25 and 5/20: This is a traditional church loan
program and offers some of the very best rates around for churches.
Loan to values go up to 80% and rates are extremely good. This church
loan program uses a traditional debt service coverage underwriting
method to qualify a church. No personal guarantees needed on this loan.
90% Purchase Program: A church that is buying a building at a
discount from its fair market value can use part of the equity in that
property to decrease their down payment. For example, if a church is
purchasing a property that is worth $1,000,000 and they are buying it
for $700,000 then in some circumstances we would only require a down
payment of 10% of the purchase price ($70,000 in this instance). Rates
and terms on this program are excellent. The maximum loan amount under
this program is 3 times the churches gross income. No personal
guarantees are required on this program.
These programs are for small and large congregations alike.
Call or email me now to discuss your situation.
direct line 708-299-3244