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CMAC offers several different types of church loan products and programs which have been specifically designed to meet the unique needs of our congregations and feature the following benefits:
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Type: |
Fixed and floating rate, permanent and construction loans.
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Purpose: |
Refinancing, new construction, renovation and purchases (including land).
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Rates: |
Based on individual loan characteristics
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Fixed rate loans priced to US Treasury yields or swaps
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Floating rate loans priced to LIBOR with monthly or annual adjustments
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Interest-Only: |
In select cases, up to 5 years.
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Term: |
Up to 20 years.
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Amortization: |
Up to 40 years.
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Loan to Value: |
Up to 80%.
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Minimum
Loan Amount:
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$1 million.
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Borrower
Qualifications:
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Independent and denominational churches.
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Loan Features: |
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Construction loans convertible to term loans
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Pre-closing interest rate lock commitments
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Limited covenants
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Closing: |
Generally less than 45 days. |
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