At Blue Ray Financial, our church mortgage loans are based primarily on the equity in the church’s real estate. Other items such as income are considered, but equity is the primary factor. Normally if there is sufficient equity in the church’s real estate we can arrange the church loan.
We don’t require personal guarantees from any members of the church. We don’t perform credit checks on any of the members and the loan never shows up on any person’s credit report. We don’t require a resume from the pastor. There is no prepayment penalty involved on our church loans and the interest rate is fixed for the term of the mortgage. There are no surprises down the line regarding the interest rate or the monthly payments as both remain the same throughout the term of the loan.
What Makes Us Different?
What makes Blue Ray Financial different from institutional lenders is our mortgage loans to churches are funded by private party lenders. These lenders can be individuals, pension funds, IRAs and profit sharing trusts. This makes it possible for us to arrange a church mortgage that a bank either can’t or will choose not to fund. In addition, the process takes weeks, not months.
We also provide the most creative, aggressive, lowest priced church mortgage loan products available in the marketplace. Often times when you go to a bank you talk to someone that does not understand church financing, they want to treat a church just like any other business. A church is different from a traditional business, the way they raise and spend money is different, the impact they make on their community is different, and often times they simply give away their money, something a traditional business does not do. With these factors in mind a church should be underwritten based on what it can afford to borrow not how much money it had left over at the end of the year.
Church Mortgage Programs We Offer
We have church mortgage loan programs that are designed for specific purposes:
- Church Mortgage Loan for Purchasing Real Estate – With loan to values up to 80% and combined loan to values up to 90% we try to limit the down payment a church needs to as little as possible.
- Church Mortgage Loan for Refinancing Real Estate – If you are looking to decrease the interest rate on your current loan or have a balloon note we can provide a quote in 24 hours or less.
- Church Mortgage Loan for the Renovation of Real Estate – If your church is looking to expand a property that you currently own we can provide the financing in the form of cash out for small projects or draws as needed for larger projects.
- Church Mortgage Loan for the Ground Up Construction of Real Estate – If you are looking to build a new sanctuary, day care center, family life center or any other building we can provide the financing as a line of credit where you pay interest only payments during construction and the permanent financing when the project is completed. With one closing we keep your costs to a minimum.
With over 25 different loan programs available and a dedicated staff of analysts we are confident that we can provide the right type of church mortgage loan to meet your needs. If your church is looking for a loan to purchase a new church building, renovate a parsonage, or construct a new family life center we promise to provide world class customer service and a church loan that meet your needs.
- No Upfront Fees.
- Industry Leading Experience.
- Support in English and Spanish
- Dedicated loan consultant
- Fast Responses. Church mortgage requests are analyzed within 48 Hours.
- No personal guarantees.