LOAN REQUIREMENTS:

All loans are different and unique. Below are guidelines for all types of loan structures.

MINIMUM LOAN:

All states $500,000 minimum, except in Ohio, Michigan, Indiana, Kentucky, Tennessee and Florida, which may be less.

TYPES OF LOANS:

Purchase, Refinance, Construction, Expansion, Renovation, Additions, Parsonage, Retirement and Nursing Facilities, Raw Land, University Facilities, Church Schools, Church Camps, etc.

LOAN TO VALUE RATIO:

65-80% of appraised value and sometimes more with creative financing.

LOAN PROGRAMS:

1, 3, 5 year ARMS (Conventional Loans). Other programs also available. (Call for rate quotes).

MAXIMUM LOAN:

2.5 to 3.0 times gross revenues. (Example $250,000 gross annual revenues would qualify for a loan of $625,000 to $750,000.) Subject to economy.

MAXIMUM MONTHLY PAYMENT:

1 weeks average contribution should not exceed the monthly principal and interest payment.

LOAN TERMS:

5, 10, 15, 20 and sometimes 25-30 years on certain occasions.

REVENUES:

Should be increasing for past 3 years. The borrower will need to provide last 3 years financial statements and year to date.

LOAN AMORTIZATION:

15-30 years.

ATTENDANCE:

Church should be established at least 3 years and be able to show attendance growth annually.

PREPAYMENT PENALTY:

Generally none, but based on individual loan and loan program chosen. Penalty if paid off by another financial institution in first 5 years.