Churches with more than 2,000 members now can apply for loans and a conditional approval in as little as 24 hours
Fredericksburg, VA -- (SBWIRE) -- 06/18/2013 -- Whether it’s a church construction loan, a church mortgage, or even a church refinance, loans for mega-churches are not easy to obtain. Now, these large religious centers can get fast closings, products with no personal guarantees, no-obligation quotes and conditional approvals in 24-hours with the new church loan program from Griffin Capital Funding.
“When it comes to financing, you will find a limited number of lenders who are disposed to provide church loans, and for mega-churches, the entire process is even tougher,” explains John Berardino, Griffin Capital Funding President. “For example, we have had church representatives explain to us how in the procedure of going for a loan from a national bank, the financial institution wanted them to change the entire structure of the board of trustees in order to conform to bank standards.”
Many banks and credit unions will work according to restrictions on how much they can lend on a particular asset class, and that’s why getting financing for a mega-church project can be very difficult. Furthermore, if a bank has reached its church loans’ limit, they will be unable to provide any financial aid for a religious institution.
Although it can be difficult for many churches to obtain the money they need for various projects, they should know that with a plan that makes sense and a well-managed financial situation, they should apply for a loan with Griffin Capital Funding. The types of church financing available include traditional, fully fixed, easy qualifier program, construction loan, and construction bond.
Berardino added, “Our biggest church loan was $24,500,000 for a mega church in Frisco, Texas. If you’re looking to refinance, get a church mortgage, renovate, buy a new church, expand your church, or build a sanctuary or addition, we can help you out.”
For mega-churches that don’t need loans, referring those that do, can be very lucrative. “Let your friends know that by referring loans to us, you or your church can earn up to $10,000 for each referral. There are no fees to participate, and this can help you make some money that can be used for so much good,” said Berardino.
About Griffin Capital Funding
The company is one of the leading providers of church loan services with an amount of $100,000,000/year average of closed loans. The company provides a variety of loans for churches with free quotes and a referral program that rewards church loan referrals with up to $10,000. Interested parties seeking church construction loans, church mortgages, and other products should visit http://www.churchloans.net/.