Required Data
- Completed Loan Application.
- Financial Statements (showing income/expenses) for last three (3) years.
- Current Year Financial Statements and Church Budget (showing income/expenses).
- Evidence of Local Church Approval of the Loan (meeting Minutes or Resolution).
- Evidence of District Board or Conference approval, and certification of their willingness to co-sign or guarantee the Loan if necessary.
- Name and address of attorney or title insurance company whom we may employ on your behalf to prepare the Note, Mortgage and Title work (see Loan Application page 3).
- Detailed explanation for purpose and justification of the Loan with a picture of land and/or buildings, and how the Loan is to be repaid.
- Survey and/or appraisal if one already exists or upon request.
General Guidelines
- Loan Terms up to twenty (20) years, with longer payment amortization if needed.
- Maximum Loan amount should not exceed three (3) times annual tithes and offerings, and should not exceed 75% of the project cost or appraisal in most cases.
- Project or Construction Draws should not exceed more than one (1) per month.
Pricing and Fees
- Loan Interest Rates are typically fixed for three (3) years and adjusted every three (3) years thereafter to WIF prevailing Interest Rate at that time.
- Interest Rates are subject to change up until Loan Closing, unless noted otherwise.
- Loan Servicing Fee of ½ of 1%, with $250 minimum.
