Church Construction Loans
Church construction loans come in all sizes, and Griffin Capital Funding can help no matter the budget. Many churches are preparing for construction projects. We are here with some tips to help them be successful.
Church Construction Loans: Tips for Success
Start by understanding how much the church can afford to borrow. The most common mistake that we see is churches starting construction projects before knowing what they can afford to borrow. It is important to prequalify for your church construction loans before you hire an architect, purchase materials, or start the permit process. We do not charge anything to analyze church financial statements. We can tell you how much your church can afford to borrow. If your church doesn’t prequalify, it runs the risk of wasting thousands of dollars on an incomplete building.
Second, determine how much money the church has saved to go towards the construction project. Don’t forget to add in additional funds raised through a capital campaign. Capital campaign help fund construction of the building. They are also used to pay down the loan after project completion.
Our main point is to avoid starting a construction project that cannot be completed. Whether it is lack of funds or inability to borrow the money, many churches forget this important step.
Griffin Capital’s Stories with Church Construction Loans
We recently closed a church construction loan in Indiana. The church had outgrown its current home and decided to build a new sanctuary four miles away. We worked with their architect to prequalify them and to provide funding for their $1 million-dollar project.
Meanwhile, in Texas, we closed another church construction loan. The church wanted to build a new sanctuary on a church’s current land. They were also renovating part of an existing building and installing a parking lot for their congregation. They came to us to find out what they could afford and now they are busy building their new home.
Griffin Capital Offers:
Griffin Capital Funding offers a