Beyond competitive interest rates, CIF makes the lending process easier, simpler and more beneficial for you. All loans are Adjustable Rate Mortgages that adjust every 1, 3 or 5 years. They are also generally classified as commercial loans and are not comparable to long-term fixed rate residential mortgages.
- All loans have a 1/2% origination fee. This fee may be waived if CIF Campaigns & Consulting is being used as part of a capital campaign.
- We use a 360/360-year base for calculating interest. Many lenders calculate interest on a 365/360-year base which results in 5 additional days of interest each year.
- The interest rate is locked in for up to 5 years. For construction loans, the interest is locked even before work begins.
- Loans are generally amortized over a 25-year period to EFCA churches. 10-year notes are available to like-minded churches.
- There is no penalty for prepayment of principal. Additional principal pay downs can be made every month or in lump sums.
- We offer specific loan programs for EFCA church plants and urban setting ministries.
- We have less expensive and less restrictive appraisal requirements.
- There are no miscellaneous documentation fees.
- We provide the ability to re-calculate the monthly payment amount if a significant principal reduction is made, at no cost.
Let’s start a conversation about your project or purchase. Call Brett Roehr, Chief Lending Officer, directly at 952.261.9475 or fill out a Loan Inquiry Form. We can walk through your loan needs prior to submitting a loan application.