Church Loan Finance
2018 is starting to wind down, and we wanted to update everybody on rising interest rates. This year, interest rates have gone up 3 times, which is the original projection for the year. However, the economy is doing so well that there is now a fourth projected hike. This also illustrates that rates will continue to climb in 2019.
What does this mean for churches that will need financing? There is still time to start the church loan financing process and lock in lower rates. We encourage you to start now. This applies to churches that need refinances, construction loans, and loans that are for building purchases. Churches that delay will pay more over the life of their loan due to higher interest rates. Starting the church loan financing now can save your church thousands.
We can design a loan to meet the needs of your church loan financing including 30 year fully fixed loans and interest only loans, We also have loan programs for churches with good and bad credit.
Church Loan Finance | Griffin’s Success Stories
A pastor from a Korean-American immigrant church in Maryland, came to us to help his congregation purchase their first home. We guided him through the church loan financing process and offered important advice to complete the purchase. The church selected a 15 year fully fixed loan with no balloon which locks their rate in for the full 15 years.
In San Diego, we closed a refinance for a church that was already locked into a high rate of 9.25% with their current lender. We were able to lower their rate by 4.25%, so they will now save thousands over the term of their new loan.
Another church came to us to refinance their current loan and pull out some equity to make improvements on their building. We were able to lower their interest rate by 4%, and we provided a 7-year fixed rate with a 20-year amortization.
We also finance other types of church properties such as parsonages, schools, and retreat centers. And, recently we closed a loan for a large organization’s retreat and conference center. They wanted to refinance their loan and pull some cash out to do some needed property improvements. So, when your church evaluates church loan finance needs, don’t forget about your other properties.
We would be happy to assist you with your church loan financing decisions, (800)710-6762. We make the process easy, and we will have an answer for you in 24 business hours.