Leased Church Building
Often, we find something that we are not quite sure about in the beginning but fall in love with in the end. We have seen a recent trend with our loans with churches that have leased church buildings and then decide to purchase them as their permanent homes.
Why is now the right time? Interest rates will continue to climb this year. Starting the mortgage process now can save your church thousands in interest expense over the life of the loan. Given the rising rates, it makes sense for congregations that have leased a church building to evaluate their needs. The main question they should ask themselves: Can we see this leased church building as our permanent home?
Here are a few of leased buildings becoming permanent homes:
Growing Church with Two Locations:
A growing church with two locations was excited to buy their leased church building. They did have one complication that needed addressing. For the purchase to happen, they needed 90% financing. They contacted several banks and lenders and received the same denial every time. They were told that it wasn’t possible to get 90% financing, so the church came to us. We gave the church the 90% loan they needed and now they own the building and are building equity.
Can we see this leased church building as our permanent home?
Bought the Building they Leased:
After three years of renting, this church decided it was time to buy their leased church building. The building had everything the church needed including offices and a full kitchen. They called us to close the deal. Now, they are celebrating the purchase of their first home.
Time to Buy:
This church had been in a leased church building for over four years. They decided it was their perfect home and it was time to buy. They were a younger church and were not sure how to begin the process or if they would qualify for a loan. We reviewed their information. Impressed with their growth and leadership, we closed their loan.
Why did these churches come to Griffin Capital Funding?
We are one of the largest church financing companies in the country. In the past twenty years, we have closed over 1,500 church loans for over $1.5 Billion in loans to churches all over the country. We understand church financing better than anyone else, and we want every church to succeed. We have loan programs with long term fixed rates 10,15,20,25, even 30 years with no balloons. If your church is thinking about purchasing, refinancing, renovating or constructing a building please call us to learn more about our loan programs: 800-710-6762.