Just like your home, church buildings need to be maintained. Whether it is to modernize an older church or make repairs, church renovations can be costly and sometimes require financing. When a church comes to Griffin Capital Funding for their church refinance, they often request a cash out for these repairs.
We see many requests for repairs such as new roofs, replacement of HVAC systems, flooring, plumbing, electrical upgrades, and so on. Repairs such as these on church buildings can be very costly. If your church needs several repairs at the same time, then capital campaigns may not take care of what you need in a timely manner. Many churches opt to finance their church renovations, then run the campaign to pay down the mortgage.
Church Renovations- Griffin’s Stories:
One of our latest church refinance closings was for a church in Alabama. The church has been in their home for over 92 years. They need to do some church renovations to modernize the older building. On the to-do list was renovating the bathrooms, repairing the flooring, and replacing the roof. Since they already needed to refinance their loan, they decided it was also the perfect time to pull some equity out to take care of the deferred maintenance.
Over on the west coast, we closed a church refinance for a church whose loan had ballooned. They were facing time constraints. The church needed to find a new loan before their interest rate climbed even higher. They also needed to pull out some money to complete church renovations such as new plumbing. They found us, and we got the job done with a 30-year amortized loan.
In New York, we closed a church refinance for a church that was taking church renovations to a whole new level. They were going to be performing a total renovation to the inside of their sanctuary. They wanted their church to be more conducive to church services. They also wanted to segment an area of their building for other church activities for the community.
Over the past 20 years, we have closed over $1.5 Billion in church mortgages. We offer a variety of church refinance programs, so we have options for churches of all sizes. For churches with excellent credit and who meet the qualifications, we can provide 30-year fixed rate loans with no balloons. If 30-year fixed loans are too long for your church, we also offer 10, 15, 20- and 25-year long term fixed rate church loans.
If you know of a church interested in learning more about our church refinance programs, please call 800-710-6762 to speak to a loan officer.