zLoans FAQs

Yes, you can make principal payments as often as you want in addition to your regular monthly payments.

WIF determines a loan rate based on current market conditions on a church by church basis.

Fees and costs vary based on the amount of the Loan and where the church is located, but usually range from ½% to 2%. Out of pocket costs include title insurance premium, survey, filing fees, and Loan documentation. WIF also charges a ½ of 1% fee on Mortgage Loans, with a $300.00 minimum.

You may include the closing costs into your loan request as long as the closing costs do not put the church over the qualifying amount.

Financing 100% of the project is rare. WIF wants the church to have an investment or ownership in the project.

There is no maximum. We evaluate the church’s ability to repay the loan.

Upon receipt of a completed Loan Application, financials, and project details, WIF typically approves the Loan within 7-10 business days. Some Loan approvals require a site visit by WIF. Most Loans are closed and funded within 4-6 weeks of Loan approval.

When the Loan is approved, WIF will establish a predetermined “Draw Period” to allow for Draws to occur on the Loan to pay vendors and/or contractors. When funds are needed, the church will complete a Draw Request and send to WIF along with a project budget update, invoices, receipts, AIA 702/703 forms, lien waivers and progress pictures. During this Draw Period, the church pays interest on the amount Drawn to date or on the outstanding balance of the Loan. Interest payments are paid from Loan proceeds. After the Loan has been fully drawn and/or the project is completed, principal and interest payments commence.

No, we are chartered to make loans to church entities only.