Most people hear the name Griffin Church Loans and know that we help churches across the country with refinances, purchases, renovations, and construction loans. A lesser-known fact is that we help churches with parsonage loans. Many appreciative congregations want to provide living arrangements for their pastors. However, most churches do not have cash laying around to outright purchase a parsonage. That is where Griffin Capital comes in. With over 20 years of specializing in church financing and over 1,500 closed church loans, we are church loan experts.
Our loan options include church loan programs for churches of all sizes with competitive interest rates. 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.
Parsonage Loans: Closing Stories
We recently closed a church refinance in Georgia. The congregation was ready to build a parsonage for their pastor. They used equity in their building to fund the project. In the process, we reduced the interest rate on their mortgage by 1.75%. We helped them build the parsonage, and we reduced the interest rate they were paying on their loan.
Meanwhile, in Maryland, we closed another church refinance. This church also used the equity in their property to purchase a parsonage. This church bought the home that a church had been renting for their pastor to live in. This parsonage loan came with a 10-year fixed interest rate and a 25-year amortization. Additionally, we lowered their interest rate by 1% which will save them $9,600 annually.
If your church or another church you know needs a church refinance and is interested in learning more about our loan programs, then please call 800-710-6762 to speak to a loan officer.