Church Lenders Directory

Griffin Capital Funding Helps Churches Facing Obstacles

This month our closing story focuses on two small churches that were facing hard financing scenarios. We were able to help both churches with financing to accomplish their goals.

A small church in a small town in NC had been banking with a small local bank, and some years ago the church had borrowed money from the bank to purchase their building. The rug was pulled out from under the church when their local bank was bought out by a larger bank. The church had a mortgage with the bank and applied for a construction loan to expand their facility. The new bank was not making church loans, so they had to seek financing elsewhere.

It was time to build a new relationship, and that brought the church to Griffin Capital Funding. The church needed to refinance their current mortgage which had a 6% interest rate and secure additional funds the construction. We were able to help the church by lowering their interest rate and providing the construction loan. They are busy getting started on the construction project and will soon be enjoying their larger facility.

This month we also were called upon to help a church in Tampa, FL. The church was being forced to sell their building by their county under eminent domain. The county was building a highway that would be going right through the church’s property. The church was at a loss as this location had been the church’s home for more than 50 years. The church had been contemplating expanding its sanctuary as they were growing and needed more space.

This situation ended up being a blessing in disguise for the church as the county became an immediate buyer of their property at full price. Although they were being forced to move from their home, the church had grown and was ready for a larger facility. The church found a move in ready sanctuary, and we helped them with a new mortgage with a 4.5% interest rate fixed for 5 years with a 20-year amortization.

If your church is facing an obstacle, or you are just looking for the best rates and terms, then please contact one of our loan officers. We are experts in church loans; we will work with you to design a loan that fits the needs of your church at a payment you can afford. Call 800.710.6762 to find out more.