Church Loans Made Easy
Has your church assessed its financial needs recently? The interest rates we are offering churches are some of the lowest in history. Whatever the reason your church is looking for a church loan, we have organized the steps that you need to take to make it happen!
1. Recognize the need:
Refinance- Does your church have an upcoming balloon date on a current loan? Is your current interest rate above 4%? Do you need to make repairs or take care of deferred maintenance?
Purchase- Has your church outgrown its current worship space and in need of a new home? Do you need more room to provide outreach programs or Sunday School?
Renovation- Maybe your church needs more room but is not ready to move. This is where renovations and additions may become a useful option.
Repair Credit- Does your church need to consolidate debt and rebuild financially? Is your church facing foreclosure or bankruptcy?
If you decide that it is time to seek a church loan, then it is time to get your financial statements ready. Churches need to be proactive in keeping their financial records up to date, especially when seeking a loan.
A few months ago, we published a newsletter about the importance of financial statements. It can be read here.
3. Be realistic about your budget and know what you can afford to borrow:
Do you want to put cash towards the cost of the project, or do you want to borrow the full amount?
Do you want to run a capital campaign to raise a portion of your needed funds?
You need to be aware of your bottom line and your church’s vision of the future before borrowing.
This is especially true with construction projects. It is imperative to find out what you can afford to borrow before you start engaging architects or start to build. You need to plan your future building based on what you can afford to borrow.
4. Begin the process:
This is where Griffin Capital will be indispensable. We work hand in hand with our church clients to provide the most competitive loan terms to save them money.
We work with churches with good or bad credit. We are closing many loans for churches with 7,10, 15, and 20-year fixed interest rates. With over 20 years of specializing in church financing and over $1.5 Billion in closed church loans, we are the experts.
We have been closing loans all over the country:
In Texas, we just closed a refinance for a church that wanted to consolidate two loans and needed some money to purchase equipment. We closed their $1.8million dollar loan with a 3.84% interest rate, amortized over 20 years.
We also recently closed a loan in Connecticut for a church with a ballooning loan that also wanted to make renovations to their building. We closed their $792,500 loan with a 3.74% interest rate amortized over 20 years.
In Maryland, we closed a church purchase loan for a growing church that needed more room.
Their $606,750 loan came with a 10-year fixed rate of 4.34% amortized over 20 years.
If your church or another church you know needs to seek a church loan and is interested in learning more about our loan programs, then please call 800-710-6762 to speak to a loan officer.