Delaware Church Loan

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ice5146

103 Posts

Posted - 05/27/2008 : 4:45:05 PM

DE Loan
26% LTV
80k loan amt
Excellent Credit
TONS of verifiable assets

Any takers??

simply commercia

77 Posts

Posted - 05/27/2008 : 6:41:12 PM

depends on the building.....no steeples, no stain glass, then i can do.

mdiclemente

1016 Posts

Posted - 05/27/2008 : 9:28:46 PM

I have never done a church loan, but from what I understand, LTV is not so much as an issue as the annual tithing. I believe most lenders (that specialize in church financing) will go 3-4 times the annual tithe amount. Perhaps someone with more experience on this matter can shed more light on this... I think is comes down to the fact that no one wants to have to foreclose on a church.

quote:
Originally posted by ice5146

DE Loan
26% LTV
80k loan amt
Excellent Credit
TONS of verifiable assets

Any takers??

markapex

346 Posts

Posted - 05/28/2008 : 06:23:40 AM

We do church loans and we like small loans so give me a call.

Apex Mortgage is a commercial mortgage portfolio lender owned by First Trust Bank, FDIC. We are a small balance lender doing loans from $25,000 to $750,000 in 43 states. Our terms run to 25 years, fixed or ARM with no balloons or lock-outs. We offer brokers the ability to earn 2 points in YSP.

While we are happy to work with high credit score borrowers, most of our deals are in the 575 to 660 credit score range.

Ask about our new Prime Rate ARM program.

We underwrite, process, close and service all of our loans. We never send files out to another company for any reason.

Mark Langman
Apex Mortgage
800-262-2739, ext. 221
215-283-8885 fax
mlangman@apexmtg.com
www.apexmtg.com

EMScommercial

5138 Posts

Posted - 05/28/2008 : 08:00:21 AM

Good points Mike....

Churches are a hybrid type of commercial loan.... there are over four dozen lending sources in our database that will do them.....

Things to think about:
Are they 'regular' Church buildings?
What are their tithings (income)?
Where is the Church?
Size of congregation?
Do they have official affiliation with any group?

Please let us know if we can help you with your commercial scenario(s) - I'm sure that if there is any financing options for your clients out there, we can find it in our vast internal database of commercial lending sources of which we are direct brokers for (currently stands at 350+ entries as of today (lenders, banks, private money, hedge funds, pension funds, insurance companies, etc.)).

Eclipse Mortgage Services is the proverbial 'head of the snake'... the end of that broker chain.... next step - the lending source.....

** We issue a mutual NCND to protect both sides!! **

Remember... We only get paid when the thing funds!

Hyperlink to our page for submissions - very straight forward and simple - http://www.EclipseMortgageServices.com/body_contactme.php - we will receive your submission and an account managers will be assigned. Within one business day you will be contacted - starting the process!

Check out our BASIC RATE/TERM sheet to get an idea if your scenario is 'in the ball park' and then contact us to start the ball rolling to get specific numbers for your loan! http://www.EclipseMortgageServices.com/aaaaaEMS_ratesheet.pdf

Have a nice day!

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