Loans Purchase
CFR only lends to ministries and works to reduce your financial risk
With CFR, you’re one in a billion
Since 1980, CFR has funded more than $1.6 billion in loans to Christian churches and ministries. We’ve helped Christian churches, colleges, camps, and other parachurch ministries. We’ve financed projects in rural, urban, and suburban settings. From new church plants, to churches over 100 years old, and in every size—small, medium, and mega—we have been blessed to help hundreds of congregations expand and grow. We can help you, too.
FAQ
Navigating your loan refinance doesn't have to be challenging.
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Christian Financial Resources works primarily with churches within the restoration movement--typically called Christian Churches or Churches of Christ--and their affiliated ministry partners.
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Every loan made is thanks to a community of faith-based investors entrusting their resources to be lent out to churches. Investors earn interest on those resources funded by loan payments we receive. We protect investors by carefully vetting each ministry loan and their repayment ability.
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We view this relationship as a true partnership to further the Kingdom. We have a vision to see every healthy ministry project receive the funding it needs because we believe every loan funded results in lives changed for eternity. Our goal is to never approve a loan if it may hinder your ministry's ability to flourish.
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The amount you can borrow depends on various factors, including the ministry's income, debt-to-income ratio, expense coverage ratio, and the type of loan.
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A fixed-rate loan maintains the same interest rate throughout the loan term. On the other hand, an adjustable-rate loan (ARM) adjusts periodically based on market conditions, potentially causing payments to change.
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Loan fees vary, but commonly include origination fees, appraisal fees, and other closing costs. It's essential to review and understand all the fees associated with a loan, as they can significantly impact the total cost of borrowing.
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Missing loan payments can lead to late fees and penalties. We work with our ministry partners to get them back on a sustainable payment plan. If you're experiencing financial hardship, starting a conversation with your Regional VP early allows both parties to work on a plan most suitable for you.
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Yes. A purchase contract is crucial as it provides a comprehensive outline of key dates, responsibilities, and restrictions, ensuring a mutual understanding among all parties involved.
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The requirements can vary per transaction. Generally, we require a property survey, environmental report, appraisal, and property insurance at a minimum. Given the time it may take to gather these items, we strongly recommend initiating due diligence procedures immediately after the execution of the purchase contract. For specific report requirements, please contact your Regional VP.
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Yes. Generally, a minimum down payment equivalent to 20% of the purchase price is required.
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Typically, closing can occur within 30-60 days following the execution of our Ministry Partnership Agreement. We strive to expedite our process to ensure the closing aligns with the timeline stipulated in the purchase contract. However, please note that external factors may influence the closing timeline.
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Yes. We can provide a pre-approval letter based on evaluation of your financial and attendance history, potential purchase price, and other factors. A pre-approval does not constitute a loan approval or commitment to rate, fees, or term. It is also contingent upon a preliminary title report, final loan underwriting, and satisfactory property valuation.