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Synagogue Loan Financing

MortgageDepot offers financing for synagogues of any denomination, with any size congregation, regardless of what type of structure your synagogue seeks to purchase. We offer synagogue mortgages from $50K to $500K. We love to work with non-profits and we can finance synagogues in every state except AK, AL, HI, MI, NV, ND, VT and WV.

Synagogues seeking financing simply need a loan guarantor with a minimum FICO score of 600, and the synagogue must show minimum gross annual revenues of $100,000. The following written documentation is also required:

  • The guarantor must fill out the Uniform Loan Application Form (1003 application).
  • The guarantor must provide a “tri merge” FICO report, meaning a report from all three credit reporting agencies.
  • The guarantor must fill out an online application
  • The synagogue must provide its most recent annual profit and loss statement

The maximum loan to value (LTV) available for synagogue financing is 65%, and the max combined loan to value (CLTV) available is 80%. The synagogue must also be able to show 1.25 times their debt service coverage ratio (DSCR) based on their past year’s income.

The terms of our synagogue financing program are as follows:

  • Loans below $100K feature a 10 or 15-year fixed rate
  • Loans above $100K feature a 25-year fixed rate
  • A 5-4-3-2-1 prepayment penalty is included
  • Interest rates are between 10.99% and 12.375%
  • Bridge and construction loans aren’t available
  • 2% loan origination fee

If the synagogue is tax exempt, tax returns aren’t needed. If the synagogue isn’t tax exempt, recent returns may be requested to verify the filing without impacting the loan application.

Contact us at 800-535-0270 for more or email us by clicking here.

*This product is not regulated by the New York State Department of Financial Services

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