Lending FAQs
What qualifications are required?
Debt service should be less than 35% of the church’s income
Fixed expenses need to be less than 85% of the church’s income
Loan amount should not exceed 75% of the appraised value of the collateral property
Can church plants get financing to buy a building?
The SBTF works with church plants in the steps needed to qualify for financing.
How long does it take to get approved?
The approval process and response time normally takes a few business days after the receipt of all necessary information. Approved terms are communicated in the form of a term sheet. Upon acceptance, documentation and the issuance of title policies typically take up to thirty days.
What information is needed to apply?
A completed loan application
Profit and loss statements from the three previous years
Balance sheet information from the three previous years
Most recent interim balance sheet and profit and loss statement
Basic giving unit information
Basic metric information on weekly worship and Bible study attendance, and other relevant information on baptisms, total membership, new additions, capital campaigns, etc.