Effects of COVID-19: Review Your Church’s Financial Needs Now
Fall is almost here and what a year it has been so far! The economy and churches will feel the effects of the COVID-19 virus for quite some time to come. The good news right now is that the Federal Reserve is not raising interest rates in an effort to support the economy during its recovery. Interest rates have not changed since the beginning of COVID.
What does this mean for churches?
This makes it the perfect time for churches to review their financial needs and start the loan process for any needed funding.
Last month we talked about the importance of being proactive with your financial records, especially when seeking a loan. Click here to reread the article.
Building on that, churches should be reviewing their needs. Depending on their fiscal year, many churches are deep into preparing their 2021 budget. So, you can accomplish another task at the same time. For example, is your church tied to a mortgage with high-interest rates: either traditional or through a private lender? Have you outgrown your building and need an addition or purchase a larger building? Do you have deferred maintenance that needs to be taken care of this year?
If the answer is yes, then it may be time to seek financing. Griffin Capital Funding is here to close your loan with competitive rates and terms. We are a national company with creative loan programs that a local bank does not. We have 5, 10,15, and 20-year fixed rates available with up-to 25-year amortizations. We close loans for the refinance, purchase, construction, renovation, debt consolidation of most properties owned by a church.
If your church has been negatively affected by COVID, we also have loan programs to help you recover. This includes churches with bad credit, imminent foreclosure, and bankruptcies.
We are actively closing church loans. Here are a few of our latest closings:
- Refinance in Texas: This church was tired of seeking a refinance every time their loan ballooned. They wanted a lower interest rate to pay down the loan faster. We provided a 10-year fixed rate and 20-year amortization with an interest rate of 4.24%.
- West Coast Construction: This church needed to add on to their current building. They also needed to make renovations to bring their building to code in the process. We closed this loan with a 10-year fixed-rate and 25-year amortization with an interest rate of 4.01%.
- Illinois Renovation: This church needed renovations and deferred maintenance. It came down to whether to improve their current building or move. They decided to stay where they were, and we closed their loan with a 15-year amortization and an interest rate of 4.5%.
If your church is ready to find out more about our loan programs, then give us a call: 800-710-6762. We are here to guide you and make the process easy.