Choosing a Lender & Form of Financing
Since most churches cannot afford to pay the cost of building a new facility or improvement projects on a current facillity, they are often in need of additional financing.
Here is a great resource containing numerous church financing related articles, including on called The Best Money a Church Can Buy. This article emphasizes the importance of doing research before deciding on a form of church financing (mortgage, best efforts bonds, etc.) and prior to choosing a lender (commercial bank, bond finance company, local bank, etc.).
There are a number of financing options available to churches that many people may not even be aware of; additionally, there are several sources through which a church can obtain funding, which is why it is crucial to conduct research to find the source that best fits your church’s needs.
Check out the article for more information about the different types of financing options and lenders, as well as a number of tips that are likely to help improve your church loan process.