FAQS:
Below are some commonly asked questions.
- How large a down payment is usually needed?
- What does it take to qualify for church financing?
- Are there benefits to being pre-qualified by a lender?
- How is a realistic market value determined?
- How long can it take to sell a church property?
- How can I earn extra money as a ChurchCash Consulting affiliate?
Is church financing available?
Church financing is a very specialized form of commercial lending.
Because it is so specialized, many financial institutions do not offer
financing for churches.Fortunately, there are some good church l
enders including a few commercial banks, credit unions,
and other lending sources.
How large a down payment is usually needed?
Often, potential church buyers are surprised to learn that the
down payment
percentage needed to finance a church property is usually
much higher than
to buy residential property.
Many times their surprise is quickly followed by disappointment
because
they don't have enough funds saved for the down payment required
by the lender.
One of the first steps in preparing to relocate is financial planning.
ChurchCash Consulting can help your church formulate its relocation plan.
Are there benefits to being pre-qualified by a lender?
There are a number of benefits when a buyer is pre-qualified by a lender
before viewing a property and writing a purchase offer.
What does it take to qualify for church financing?
Every lender is a little different, but in general a church borrower:
a) needs to be incorporated
b) have three years or more of financial statements
c) have a good down payment
d) have sufficient income to make the loan payments.
ChurchCash can assist you in determining the amount you qualify for.
How is a realistic market value determined?
A key component in marketing a property is having a realistic asking price.
Through special training and many years of experience,
We can establish a realistic market value for church property.
Using an extensive database of comparable church properties, along with c
onstruction costs and land values, plus public records,
ChurchCash prepares a lengthy report of our opinion of value.
On average, our opinion of value is within a very few percentage points of the actual sales price.
How long can it take to sell a church property?
There are many factors that influence the sale of a property -- such as location, price, and building condition.
Over the past few years, ChurchCash's experience has been that it takes an average of about five months
to get a church property under contract and about three more months for escrow to close.
