How to Get Your Church Loan Approved | Griffin Capital Funding

How to Get Your Church Loan Approved Now

In these ever-changing and uncertain times, we are working with churches to help them understand the current financial landscape and how it affects churches.  One of the most frequently asked questions relates to the keeping of church financial records and whether year to date numbers are important.

get your church loan approved

The answer is simple: Churches need to be proactive in keeping their financial records up to date, especially when seeking a loan.

  1. Underwriters are interested in seeing how a church is financially fairing with the virus. They want to know that the church has adopted social distancing but is still finding ways to raise money. For example, is the income of the church staying steady, going up or down and if so, why? 
  2. Underwriters are placing more emphasis on localized COVID outbreaks around the church.  So, if you are in a COVID hotspot, your financials will be evaluated more closely. Your church needs to be prepared for this type of inquiry.
  3. Monthly financial statements are better than quarterly statements. This gives a better financial picture to someone evaluating your ability to maintain a loan. They will be looking at income trends and cash balances.

The bottom line is that underwriters are hyper focused on year to date trends and effects the virus has had on the church.  A church that can show it is handling the virus well and being supported financially by its members has a much better chance at an approval in the current environment.

Griffin Capital is still actively closing loans all over the country. We are ready to help with your refinance, purchase, construction, or renovation project. With us on your side, we will make the process easy and provide the best rates and terms. Griffin Capital is a national company with loan programs to fit the needs of your church. We have 5, 10,15, and 20-year fixed rates available with long term amortizations.

We also wanted to share a few of our recent closings:

West Coast Purchase– We closed a loan for a growing church that wanted to upgrade their facilities. They also wanted to move closer to their main city area. Their $350,000 loan closed with a 10-year fixed rate.

Miami Refinance– This church came to us to convert their privately held loan to a traditional loan.  We were able to cut their interest rate by 6.5% saving them $12,000 annually. We also provided a 15-year fixed rate in the process.

Maryland Purchase– This church came to us to finance their new sanctuary. They needed more room and offices for the staff. We closed their $288,000 loan with a 4% interest rate.

If your church is preparing for financing, then give us a call to learn more about our process: 800-710-6762. We are ready to take the stress and uncertainty out of the loan process.

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