Church Mortgages and Construction Loans
Program Summary: "We can make that happen!"
We provide real estate loans for churches and ministries of Converge Worldwide. We have been financing churches for more than 60 years and have had the pleasure of funding over 800 different church projects and purchases. Give us a call and tell us about your plans!
What makes a Cornerstone loan different?
We understand churches. For 60 years, we've only made loans to churches. We focus in on what we do best, and our experience with church lending allows us to offer the best products tailored specifically for churches.
We commit to the entire term of the loan. Our loan terms range from 10 to 20 years, and once the loan closes, we commit to holding that loan for the entire term. Most banks often commit to shorter terms (3-7 years) and then charge additional documentation or closing fees to renew the loan once their term has ended.
No prepayment penalties. While we do commit to the full life of the loan, if your church has the means to pay off the loan or an opportunity to save money with another lender, you're free to go. We want what's best for you and your ministry.
We set the rates and terms for our loans on a case by case basis taking into account the ministry's growth trends and cash flow, as well as the project's loan to value (LTV) ratio. We generally issue loans on a 20-year term with a 3-year rate adjustment, which means the loan rate may adjust every 3 years based on our cost of funds. Loans for unimproved land are limited to 50% LTV and a 10-year term. Construction Loans are interest only during the build phase and the rates adjust each month. The loan automatically converts to an end loan upon the project's completion, and the rate is set at that time. We may assess a rate surcharge on the loan during the construction period.
Interested churches who would like more information can call us toll-free at 877.228.8810. Questions via email can be directed to Nate, who coordinates our church lending program. If you already have a church mortgage and would like to know how much Cornerstone Fund can save your church, take 90 seconds and request a personalized refinance proposal here.
Churches ready to apply can download the application and required forms by clicking here.