Loan Options

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•  Construction Loans

If you are planning to build a new church, planning an addition, remodeling, or extensive repair and improvements, you will want to consider our Construction Loans. During construction, you pay interest only on funds as drawn. After construction is complete, your loan will automatically convert to a permanent fixed rate or adjustable rate mortgage loan. Churches must follow Conference procedures regarding building projects and must secure all necessary approvals.

•  Refinance Loans

If your church currently has a mortgage loan, we would like to review with you the benefits of refinancing with the Foundation. With our low rates and minimal costs, we may be able to save you money.

•  Adjustable Rate Loans

We currently offer Adjustable Rate Loans with terms up to fifteen years, and with a maximum amortization period of twenty years. The interest rate on these loans is initially fixed for a term of one, three, five or ten years to suit your church's needs. After this period, the interest rate is adjusted annually. These loans are secured with either a first mortgage on church property or with an unrestricted investment account held at the Foundation.

•  Line-of-Credit Loan Plans

Is flexibility a key factor in meeting your church's financing needs? The following option allows a church to draw on a pre-established line of credit for capital projects without needing to repeat the loan approval process. In addition, a highlight of this plan is the ability to make interest-only payments periodically. This flexibility will be an advantage to the church that experiences a cyclical pattern of giving.

The church may draw on the line of credit up to their maximum loan limit. The interest rate is fixed for a two year period, with every subsequent rate adjustment fixed for a two year period. The maximum loan term is ten years with a maximum amortization period of twenty years.

Churches may secure these loans with either a first mortgage on church property, or with a restricted deposit at the Foundation (provided the church certifies that these funds are available for this purpose). The church may draw on the line of credit up to the lesser of their pre-determined loan limit, or 75% of the deposit account pledged as collateral.