| Loan Amounts: |
Minimum $500,000 |
| Borrowers: |
Evangelical Churches and related
Para-church organizations |
| Project Types: |
Land purchase
Construction
Permanent
Refinancing
Bridge |
| Term: |
Up to 60 months |
| Interest Rate: |
Deal dependent: rates as low as
375 over Treasury but dependent on many factors (LTV, source of repayment,
guarantors, etc) |
| Fees: |
2 Points |
| Prepayment: |
None |
| Amortization: |
Interest only & Up to 25 year |
| Loan to Value: |
Up to 75% |
| Debt to Annual Income: |
Up to 3.5 times |
| Debt Service Ratio: |
Up to 35% of annual income |
| Due Diligence: |
3 years financials & YTD
FMV and/or Appraisal
Environmental Screening
Site Inspection |
| Closing: |
30-60 days |
| Special Underwriting
Criteria: |
In addition to standard real
estate underwriting criteria, attention will be given to:
1) Growth patterns of borrower;
2) Pastoral
history;
3)
Leadership;
4) Denominational affiliation |
| Special Option: |
Long-term, fixed rate options
may be available |
Suite 402