The economy has been stabilizing this year, and interest rates have even dropped over the past few months. While that makes it a prime time for churches to seek financing, there are many churches out there that simply won’t qualify for traditional financing.
MortgageDepot does not want these churches to fall through the cracks. If a church can’t find financing for their needs, then they may start to lose congregation members, their sanctuaries, or even end up closing their doors. The trickle-down effect of these events spreads to their local communities as well. We identified the need for alternative financing for churches in trouble 10 years ago. We knew that these churches needed another option.
So, the question becomes: What churches qualify for private money loans? Churches with bad credit, churches facing bankruptcy or foreclosure, and churches with payroll taxes owed are all excellent candidates. Since launching the private money program, we have saved churches from imminent bankruptcy, foreclosure, even IRS seizure.
One of our recent private money loans was in Ohio to help a church that was suffering from a domino effect. They had fallen behind on payroll taxes, which led to past-due taxes. They also fell behind on their mortgage. During all of this, the mortgage had ballooned, which drove up to their interest rate and payment. They needed help before they lost their sanctuary and that is when they heard about our private money loan program. We got to work and helped them negotiate huge debt forgiveness with their lender. We provided an interest-only loan to give them their desperately needed fresh start.
We also closed a private money loan in North Carolina for a church that did not have the funds to finish the construction of a gymnasium. They needed a quick closing to meet deadlines which they could not meet with a traditional lender. This was due to the fact that they did not have all of the financial information prepared or accessible needed for underwriting.
No matter what the reason is for a church to fall into financial crisis, we understand. As a matter of fact, most of us have faced troubled times in our personal lives so the same can and does happen to churches. Our private money loan programs offer an alternative to churches faced with losing their property. If your church falls into this category or your church is looking for a low-priced regular loan with long-term fixed rates.