The following is a summary of certain guidelines established by the CGF for use in considering the Construction Lending approval of loan requests. The summary is not all-inclusive and final loan approval may include the consideration of other factors at the discretion of the CGF loan approval authorities.
- The congregation should be incorporated or in some other respect a legally recognized entity and must be the owner of the real property that will serve as collateral for the loan.
- Eligible borrowers are as follows:
- A congregation organized as an RCA church and that has held worship services within the RCA for at least three years
- Any classis or regional synod of the RCA
- Other agencies or affiliates of the RCA that are authorized by and subject to the general oversight of a regional synod or classis
- The congregation should generally have a history of stable or increasing attendance, membership, and income over the past three years.
- Total debt service should not exceed 30 percent of the congregation's qualifying income.
- The loan amount should not exceed four times annual congregational income.