Deal Summary:

Griffin Church Loans provided Covenant Baptist Church with a $247,425 loan to purchase a parsonage for their senior pastor. The home purchase was financed at 75% LTV.

FAQ:

Q1. What type of loan did Covenant Baptist Church in Petersburg, VA 23803 receive?

A1. Covenant Baptist Church in Petersburg, VA 23803 secured a Purchase (Parsonage) loan through Griffin Church Loans. The transaction was structured at approximately 75% loan‑to‑value (LTV), aligning the financing with the church’s needs and long‑term ministry goals.

Q2. Are there prepayment penalties or balloons?

A2. Loan structures vary. We offer fixed‑rate terms with amortizations that match the church’s plans; some loans include balloons or step‑downs. We’ll align terms with your priorities—rate, flexibility, or speed.

Q3. What documents are needed to start a church loan?

A3. A recent financial package (P&L, balance sheet), attendance/giving trends, property details, and leadership information are typical. We provide a simple checklist and handle the process end‑to‑end.

Q4. What types of property improvements can a church loan cover?

A4. Typical eligible items include roofs, HVAC systems, parking lots, accessibility upgrades, interior build‑outs, and safety/security projects. We tailor each loan so churches can address mission‑critical improvements without draining reserves.