dkuhn
9 Posts |
 Posted - 08/05/2008 : 12:53:09 PM
|
Church Lending Nationwide
Phone (800) 320-6110
www.churchfinance.us
ľ Funds are available for 501c3 congregational religious organizations for ministry and real estate related transactions including refinance, construction, purchase or combination thereof.
ƒæ Loan size - $100,000 ¡V $50,000,000
ƒæ Amortization ¡V Up to 30 years.
ƒæ Term structures available ¡V 3, 5, 7 or 10 year fixed rate loans.
ľ Interest only loans - Up to 3 years. (On a case-by-case basis).
ƒæ Max Loan-To-Value (LTV) ¡V Generally 70% with the ability to go to 75% if other risk mitigating factors exist. However, unlike many lenders, we are able to fund off of the appraised value of a property, not the purchase price and we can utilize seller financing behind the 1st mortgage. This can be of tremendous value to a ministry wishing to purchase existing facilities. Max LTV on raw land ¡V generally 50%, but can go to 65% in certain instances (On a case-by-case basis).
ľ Minimum Debt Coverage 1.0 to 1.05 - If income and or attendance trends are positive.
ľ Max Debt to Income Ratio: 35% of Income. Debt Payments cannot exceed 35% of Revenues.
ľ Church must be in operation for at least 3 years and have stable or increasing income and attendance trends.
ľ Church must have at least 75 attendees.
ƒæ Prepayment Penalties ¡V
o No prepayment penalties for Principal Reduction Payments
o There may be a prepayment penalty of 0.25% to 1% (depending upon size and loan term) for externally generated refinances.
ƒæ Fee Structure ¡V generally 0.5% ¡V 2.0% dependent upon risk rating, term structure and loan size.
ƒæ Rate (Pricing) Structure ¡V Fixed Rate Loans ¡V 3, 5, 7 or 10 year - corresponding CMT +325bp to 500bp dependent upon Loan Size and Risk Tier Rating.
ľ No Personal Guarantees. Unlike many lenders, we do not require any personal guarantees from the pastors, members, elders or board members, further enabling ministry leaders to concentrate on ministry endeavors. |
|
Search for: 
