Loan Terms and Interest Rates
The CGF offers affordable, competitive interest rates. We are able to structure loans with flexible terms that are compatible and meet the financial needs and conditions of each individual borrower.
Building Loans
- Loans are available for the purchase, construction, or improvement of a facility used in ministry and the purchase of land for future use.
- Loan term is up to 25 years.
- Maximum loan amount is $3.8 million.
- Interest rates are determined based upon the financial strength of the borrower and the transaction.
- Interest rates are fixed at the time of loan approval for a period of up to five years with the option at the end of that time of another fixed rate for up to five years or converting to a rate that adjusts annually for the remaining term of the loan.
- Collateral is a mortgage on the borrower's property.
- Borrower must provide a minimum cash down payment of or hold an equity real estate position amounting to 15 percent of the loan amount.
- While there are no fees, the borrower is responsible for normal real estate closing costs.
Short Term Loans
- Loans are available for facility repair, restoration, and improvement and equipment purchases.
- Loan term is up to five years.
- Maximum loan amount is $50,000.
- Interest rate is fixed for term of the loan.
- No collateral – all loans are unsecured.
- Fee of 1 percent of the loan amount or $100, whichever is greater.
Special Loan Programs
- Loans are available for improvements to facilities damaged by natural disasters and to make facilities more handicapped accessible.
- Loan term is up to 25 years.
- Maximum loan amount is $100,000.
- Interest rate is fixed at 3 percent for the first five years of the loan.
- Collateral is a mortgage on the borrower's property.
- While there are no fees, the borrower is responsible for normal real estate closing costs.
This information is only intended to be a summary of the terms available. Actual terms will be established by the loan documents.