Dallas church lenders can offer your ministry different options for funding various needs. These can include but are not necessarily limited to, building a new property, remodeling or refurbishing an existing space or refinancing an existing commercial mortgage. Generally speaking, lenders that deal and financial products for churches offer short-term, long-term, and unsecured financing. So, read on to learn more about Dallas church lenders and what you need to know.
Dallas church lenders are usually able to accommodate different scenarios. For instance, if your ministry is growing and needs more space to accommodate its parishioners, you might need a new construction loan. Or, if the building you’re in needs to be updated, particularly for safety reasons (or just to bring it up to date with the times), you can receive funds for remodeling or refurbishment. Also, church leaders have refinancing options for existing commercial loans.
Church loan maximum amounts will obviously depend on the ministry’s revenue position. Generally speaking, church lenders will provide financing for approximately four times the amount of the organization’s tithes and offerings, less any expenses. In order to get a ballpark estimate, simply add up your church’s regular tithes and offerings and multiply it by 4, then subtract its operating expenses. In some cases, church lenders will loan up to six times a ministry’s tithes and offerings, less it’s expenses.
Documentation necessary to secure financing can include things like profit and loss statements, bank account information, and future projections. All of these factors will depend on the specific lender, the amount, and the church’s overall financial position.