Other Church Loan Considerations

As a leader in the Church Loan industry since 1970, Share Financial Services has garnered a wealth of knowledge and experience and offer these other Church Loan Considerations.

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We’d like to share some of this information with you and we hope that you will find it helpful:

  • Deal with a lender who demonstrates an understanding of Churches. Ask the lender how their Church loan products, features, and loan covenants differ from their standard commercial loans. These subtleties can have a significant impact on future costs and your Church’s autonomy and to effectively manage its operations.
  • Have your Church loan firmly in place and in writing, before beginning your project. This will help ensure that the project is started and completed in a timely fashion. This can also avoid the potential for costly delays and the inconvenience of mechanic’s liens being filed.
  • Before tendering escrow dollars under an agreement to buy land or buildings, be aware of entitlement, zoning and environmental issues. An experienced Church lender should be able to assist you with these matters.
  • Ask the lender and the contractor for references from other Churches of comparable size. References will help you choose the right partners to make your project go as smoothly as possible.
  • You should have a lender who is knowledgeable about Church operations and ministries and is experienced in lending to Churches. Simply ask how many years the company has been lending to religious organizations, how many loans have been made, and how large their full-time Church lending staff.
  • Look for an experienced Church lender that can act as a consultant and be a referral source for other Church industry professionals, such as fund raisers, growth planners, architects, CPAs, and contractors.
  • Avoid brokers or lenders who ask your Church to sign something prior to analyzing a loan application and offering a financing commitment. You should not have to pay a fee prior to reviewing the terms and conditions of a firm financing offer.
  • Meet with the lender to discuss the scope of the project before you spend large sums of money on architectural designs that may be too costly to build.
  • Don’t depend on the sale of your current facility or other uncertain future events to provide the funds to complete construction of your project. Circumstances beyond your control could disrupt your financial plans.
  • Deal with a lender that has demonstrated many years of consistently lending to Churches. New lenders in the church financing industry may not be there when you need to refinance or begin your next phase or project.

Contact Martin Northern, Vice President of Share Financial Services, Inc. at (501) 316-3100, by email at mnorthern@sharefinancial.com or by clicking the Get Started link on this web site if your Church would like to consider a Church Bond program as an alternative to conventional financing. By simply answering the questions on the Get Started page, we can begin to assist you in the initial stages of launching your Church into a successful Church Bond program. After receiving the completed the form,  we will review your Church information and send you the official Share Financial Services, Inc. Preliminary Information Form and begin by assisting you and your Church with Share’s financial evaluation process.