Deal Summary:

Griffin Church Loans provided Appointed Church with a $298,000 refinance loan at 7.5% interest, 5-year fixed, 20-year amortization. This eliminated a balloon payment due within 90 days and secured affordable monthly payments of about $2,400. With 6 acres of land, growing attendance, and $130,000 in reserves, the church is positioned for continued ministry growth.

FAQ:

Q1. Why would a church choose to refinance an existing loan?
A1. Refinancing allows a church to replace short‑term or high‑interest debt with a stable, long‑term loan.

Q2. How does refinancing help with balloon notes?
A2. Many churches face balloon notes that come due in a few years. Refinancing converts them into fully amortized loans.

Q3. What role do monthly payments play in loan approval?
A3. Lenders evaluate whether income comfortably covers monthly debt service. A strong DSCR increases approval chances.

Q4. How does refinancing support church growth?
A4. With reduced pressure, churches can direct more resources to ministry and outreach.