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.