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Church Purchase – Baltimore, MD | Open Door Fellowship
Open Door church - Griffin

Financed the $283,000 purchase of a permanent worship facility in Baltimore.

Church Name: Open Door Fellowship
Date: 2025-05-12
Location: Baltimore, MD, 21215
Loan Type: Church Purchase
LTV: (75%)
Loan Expert: Song Quichocho
Deal Summary:

Griffin Church Loans provided Open Door Fellowship with a $283,000 purchase loan at 7.25% interest, 5-year term, 20-year amortization. The 2,750 sq. ft. facility accommodates 100 seats. The church brought $320,000 in reserves plus $50,000 escrow, strengthening its financial profile.

FAQ:

Q1. What is a purchase loan for a church?
A1. A purchase loan finances acquisition of a property for worship or offices, often covering 70–80% of the price.

Q2. How important is a down payment?
A2. Down payments lower lender risk. Churches with cash reserves often secure better terms.

Q3. Can churches buy property with modest attendance?
A3. Yes. Lenders focus on finances and stewardship more than size.

Q4. What costs beyond the loan should be considered?
A4. Insurance, maintenance, and utilities add to monthly obligations.