Yes! We are a direct mortgage lender using our own capital to fund loans.

No. CMAC is a fully independent church mortgage finance company. We lend to a full spectrum of faiths, including denominational and non-denominational community church congregations.

CMAC was founded in 2005 and its principals have been involved in the financial services industries for over 25 years and have funded over $2 billion of church, real estate and small business loans and bonds. Building on these past successes and prior experience, CMAC was formed to provide a more modern, efficient approach to church finance, offering congregations better products and an easier, more streamlined process.

Yes. We work closely with church loan brokers nationwide. Generally, we request that the loan broker negotiate compensation directly with each prospective borrower congregation. Broker fees are typically paid at closing.

Our loans are serviced by KeyBank Real Estate Capital (“KBREC”). As one of the largest real estate lenders in the country, KBREC employs more than 700 professionals and finances over $20 billion annually through offices located in 36 major U.S. markets. KBREC is committed to providing total real estate finance solutions to its clients and currently services over $125 billion.

Yes. CMAC maintains personal relationships with its borrowers, continuing to service their financial and other needs throughout the life of their loan.

No. As a direct lender, we do not sell our loans, allowing us to better serve the long-term needs of our congregations.

In certain instances (typically larger, more complex loans), CMAC may seek other institutional investors with which to participate in funding a loan. In that case, CMAC will retain ownership of the loan and control decision-making relative to the financing.

Generally, CMAC funds loans from a minimum of $1 million to a maximum of $30 million.

Loans typically close within 4 to 6 weeks after CMAC receives a complete loan application.

Yes. Our fixed rate term loans will include some form of limited prepayment penalty. The particular form of prepayment penalty may vary depending upon the terms of the loan and the requirements of the borrower.

No. We provide financing to established churches which have at least 5 years of operating history and have a minimum of 300 members.

Our mission is to facilitate and enhance your church's growth and therefore increase the productivity of your critical programs and ministries. At CMAC, we look to the church's past to gauge its future. CMAC generally finances congregations that have historically generated total support and revenue that comfortably exceeds church operating expenses and proposed debt service. We do not typically underwrite loans based on anticipated giving levels or capital campaign receipts. Construction budgets must be funded entirely with proceeds from the proposed loan and cash on hand, without requirement for additional resources expected to be collected at some point in the future.

In addition to a mortgage on the subject property, CMAC will consider personal and/or denominational guarantees and other real property collateral that the borrower may provide. We will carefully underwrite the creditworthiness of any proposed guarantors (including credit checks, financial statements and tax returns).

No. We generally require audited financial statements for loan amounts in excess of $10 million. In all instances, we look for financial statements that have been compiled and/or reviewed by independent third-party CPA firms. The quality of a borrower congregation's financial reporting is critically important in our underwriting a loan.

No. CMAC loan origination fees are paid from the loan proceeds at closing. Prior to closing, we require that each prospective borrower post a limited expense deposit which is applied against the out-of-pocket costs associated with our initial efforts in underwriting the loan. The deposit is not required until the borrower has received a detailed CMAC loan proposal.