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Cotton Temple COGIC — Jersey City, NJ

Executive Summary (at a glance)

Loan Type Loan Amount Purchase Price LTV Amortization / Term Interest Rate Location
Church Renovation $200,000 - ~5% 20 years / 5 years 7.50% Jersey City, NJ 07304
Cotton Temple COGIC — Jersey City, NJ
  • Scope: HVAC upgrades, security/fencing, repairs across Bergen Ave & Oak St campus
  • Estimated Monthly Payment: ~$1,611
  • Cash Reserves Noted: >$85,000 (incl. ~$39,000 CD)
  • Projected HVAC Savings: ~50% (heating/air)

Cotton Temple COGIC is a long-standing Pentecostal congregation in Jersey City, New Jersey. With ministry activity spread across a multi-parcel campus, leadership sought targeted renovation financing to modernize infrastructure, improve energy efficiency, and enhance safety—without disrupting weekly services.

Goals

  • Replace aging HVAC systems ahead of seasonal peaks.
  • Address security and fencing needs across contiguous parcels.
  • Complete deferred repairs on parsonage/office and related areas.
  • Keep payments predictable and conserve cash for ministry.

The Challenge

Renovating a multi-parcel church campus brings unique complexities:

  • Scope coordination across six contiguous parcels on Bergen Ave and Oak St.
  • Need for HVAC modernization to curb utility costs and increase comfort.
  • Upgrades to security/fencing and general repairs while keeping ministries running.
  • A financing structure that preserved cash reserves (> $85k, incl. $39k CD) and produced steady payments.

The Solution

Griffin Church Loans structured a renovation loan matched to the campus scale and timeline:

  • Loan Amount: $200,000
  • Terms: 7.50% interest; 20-year amortization with 5-year term
  • Collateral position: Approx. $3.75M across six parcels → ~5% LTV
  • Work items financed:
    • HVAC replacements (with projected ~50% heating/air savings)
    • Security/fencing improvements
    • Repairs across offices/parsonage and related facilities

This conservative LTV and focused scope ensured affordability and timely execution.

The Outcome

Renovations improved comfort, safety, and operating efficiency while keeping monthly payments consistent:

  • Estimated payment: ~$1,611/month (20/5 structure)
  • Operational efficiency: Lower utility costs expected due to HVAC upgrades (projected).
  • Campus readiness: Safer, better-maintained facilities support worship and weekday ministries.
  • Financial stability: Strong collateral and reserves maintained ministry flexibility.

Key Loan Details

  • Loan Type: Renovation
  • Loan Amount: $200,000
  • Rate / Term: 7.50%, 20-yr amort, 5-yr term
  • Collateral: ~$3.75M (six contiguous parcels)
  • LTV: ~5%
  • Est. Payment: ~$1,611/month
  • Location: Jersey City, NJ 07304
  • Work Items: HVAC, security/fencing, repairs on the Bergen Ave/Oak St campus

FAQs

1. How can targeted renovation financing reduce operating costs?

HVAC upgrades often lower utility bills while improving comfort and reliability.

2. What made this multi-parcel campus a strong candidate for financing?

A combined collateral position and clear project scope gave the church stability and lender confidence.

3. Why structure renovation financing with a 20-year amortization and 5-year term?

This combination keeps payments affordable while preserving flexibility for the future.

4. How can churches preserve cash reserves while tackling facility upgrades?

By financing specific projects, congregations can keep reserves intact for ministry and unexpected needs.