Church Mortgage Loan
CHURCH MORTGAGE LOAN
| General Information | |
| Financials | Financial statements of the church's last three fiscal years and current period (if available) including income statements and balance sheets. |
| Appraisal | Estimated appraisal value of the property to be mortgaged to secure the financing. If an appraisal is not available, we will consider the �book value� or other indicators as part of our preliminary evaluation. |
| Use of Proceeds | Itemized list of the intended use of the requested loan proceeds. |
| History | A brief history of the church including date of origin, denominational affiliation, if any, and adult membership and attendance figures. |
| Resume | A brief resume or biography of the church�s senior pastor. |
| Project | A brief description of the proposed construction or renovation project (if applicable). |
| Qualifications | |
| Loan to Value | Loan amount should not exceed 75% of the value of the church property as completed. |
| Loan Size | Loan amount should normally not exceed three times the church�s last fiscal year�s total support and revenue. |
| Ability to Repay | The church must demonstrate the ability during its preceding two fiscal periods to comfortably repay the anticipated mortgage loan. |
| Construction | In renovation or construction projects, the church must engage an independent general contractor under a firm fixed-price contract. |
| Non-Profit Corporation | Our loans are available exclusively to those organizations deemed "non-profit" organizations by the Internal Revenue Service, such as churches and schools |
