Church Loan Article
Churches Applying For Loans
Commercial loans have many different types. One of the types is a church loan. However church loans have different qualifications from a standard commercial loan because a standard commercial loan has many aspects that don’t fit church financing.
When a borrower applies for a church loan, they should understand that there are certain steps that must take place. If the borrower is asking for funds to construct a church, they must provide the lender with specifics regarding this, such as the size of the building, cost estimates and type of construction. Regardless of whether a church is purchasing, refinancing or constructing a building there are a number of items that are needed: Financial statements for the last three years plus year to date to include the income and expense statements and balance sheets, history about the church and leadership and ministry, attendance figures, articles of incorporation and bylaws. The loan application will be approved or denied generally within a week.
Before approval is granted, the church lender may want to meet with the church and view the property and get to know the leadership. The lender may also want to meet with the business administrator to gain an understanding of how the church is run and what the future income will look like after completion of the proposed financing.
Obtaining a church loan can be difficult with some lenders but if you look for the right lender that specializes in this type of loan you will find the process easier than you think.
Griffin Capital Funding Specializes in providing church financing for churches in the United States for loan amounts from $50,000 to $35,000,000 and is one of the most well known and largest church financing companies in the country. They can be reached on line at www.churchloans.net or 540-548-1001 for information on their church loan products.
