Renovation Loans

Quick Points

• Loans are amortized over a period not in excess of 25 years.
• Copies of financial records and attendance history from the past 3 years are to be provided to Church Investors Fund at the time of application.
• The first term of all loans is ten (10) years. This term is divided into two fixed five-year periods.
• At the end of each “fixed” term, loans are considered for renewal and interest rates and payment amounts are adjusted to current market rates.
• Interest is charged and due once per month.
• Payments may be electronically transferred directly from the church’s bank account if desired.
• Interest-only payments are due during the construction phase, and payments are based on the amount that has been drawn.
• At the end of the construction phase the loan is automatically converted to a traditional mortgage, where principal and interest payments are due each month, but the interest rate remains the same as before the modification.
• Contractors are paid for completed construction as work progresses. When invoices are received from the contractor, the church submits a Draw Request to Church Investors Fund asking that funds be advanced on the loan to pay these costs.
• Loans are secured by a mortgage on your property.
• A one time origination fee is charged at the time the loan is set up. The loan origination fee on new loans is 0.5% to 1.00%.
• Loan payments generally should not add up to more than 30% of the church’s annual budget.

Church Investors Fund Loan Application is available for download. You must have the Adobe Acrobat Reader plug-in in order to view these pages. The Reader is available for download free of charge at www.adobe.com.