Griffin’s Church Loan Process | Quick, Easy and Efficient
Griffin’s Simple Church Loan Process:
Griffin’s Simple Church Loan Process is designed to be quick, easy and efficient with the goal of delivering an answer within one business day. Under normal circumstances, we can make a decision on whether a loan has merit with our simple one-page application and the last three years plus a year to date Profit and Loss Statements and Balance Sheets of the church. If only partial financial statements are available, then we will do our best to make a decision with the information that is available. If the church does not have financial statements, we can provide (free) simple forms. The church can complete the form to create their financial statements.
How Do We Process Your Loan?
Once we have the financial statements and one-page application, your loan will be reviewed by an experienced church loan analyst. The analysts will review the details of the transaction as well as the credit of the church and other important factors to determine what we can offer. The analyst will then draw up a simple to understand loan proposal. This will detail the terms of the loan, interest rate, and fees we will charge for the loan. Once you agree to move forward with the proposal, we will introduce you to your loan processor. The processor will gather whatever remaining documents are needed so that your analyst can complete the Credit Memo for your transaction. Once the Credit Memo is completed your loan will be presented for approval; usually in this stage an underwriter will come back with additional questions and possibly even requests for additional documentation. We will answer any necessary questions and provide any additional documentation.
Griffin’s Simple Church Loan Process: On Approval
When your loan is approved, your processor will work closely with you to complete all of the necessary due diligence items like the appraisal and title work. Once we receive a clear to close from the underwriter, we will set a time and location that are convenient for you to close the loan. If your loan is for the purchase or refinance of debt, then the loan will be fully funded at closing. If your loan is for the construction or significant renovations of a property, then you will likely receive draws based on stages of the project, and you will likely make interest-only payments on your draw balance during this period. Once the construction is completed, your loan will be turned into a permanent loan, and you will make interest and principal payments.
Requirements Vary As Per Loan Programs
Different loan programs have different requirements and different underwriting standards. For those churches that are facing foreclosure or bankruptcy we often need fewer documents because the loan is primarily based on the value of the collateral and less on the financial strength of the church. For those churches that are seeking one of our longer term fixed rate products, like the 30 year fully fixed church loan, full financial statements, as well as other documents, will be required. As a general rule of thumb the lower the interest rate and the longer the fixed term, the higher the underwriting requirements are to qualify for the loan.