To submit a loan package the Church will need to complete a loan application and gather the items listed on the document checklist. Before starting this process we recommend that you contact a loan consultant so they can provide a tailored list items based on your specific project.
How long does it take to obtain financing?A pre-approval can usually be issued within 24 hours us of receiving a completed preliminary loan questionnaire and the Church's financial statements. In most cases a formal approval letter can be obtained within 2 to 3 weeks of receiving all the necessary documents. Once the loan has been formally approved and you have executed the approval letter the closing process takes 45 to 60 days.
What kind of loans do you offer and is there a minimum or maximum loan amount?We offer loans to churches, daycares, non-profit schools, and other non-profit organizations for purchases, construction, renovation, and refinancing. Our minimum loan amount is $500,000 and our maximum loan amount is $10,000,000.
Will a personal guaranty be required from any of our members or leaders?In most cases a personal guarantor will not be required. However, under rare circumstances a personal guarantor may be required which would be discussed with Church prior to submitting a loan package.
How much can my church borrow?This can be a difficult question to answer as it depends on a number of variables. For that reason we can provide you with a no-cost, no-obligation, loan evaluation to determine your borrowing capacity. For us to determine the exact amount you can borrow we would need the following items; (1) completed preliminary loan questionnaire and (2) current year and last three years income statements and balance sheets.
What kind of interest rates and loan terms should we expect from Church First Financial Solutions?We offer a variety of loan programs, for all types of financing, designed for churches of all shapes and sizes. By practice, we do not quote interest rates until we know the scope of the project and credit worthiness of the borrower. The idea behind this is, that a certain interest rate will not apply to all churches, instead the church, by virtue of the financial characteristics of the loan and the loan terms requested, will determine the interest rate. In regards to the loan terms, you may visit the home page to obtain additional information on our loan programs. Additionally, we have a variety of bond programs for churches interested in a 15 to 25 year fixed rate. If you would like to learn more about our available interest rates and loan programs please contact a loan consultant today.
How much does Church First Financial Solutions charge for their services?First and foremost, we never charge any upfront fee and will only receive compensation for our services when the loan closes. The exact fee that you will be charged is determined by the complexity and size of project. After evaluating your specific project we will send you a contract which outlines our fee schedule and scope of work. The fee will then be included in the loan amount as part of the closing costs.
