To apply for a mortgage loan with American Church Mortgage Company, we will need to review the following:
- Financial Statements - Financial statements of the church's last three fiscal years and current period (if available) including income statements and balance sheets.
- Appraisal - Estimated appraised value of the property to be mortgaged to secure the financing. If an appraisal is not available, we will consider the "book value" or other indicators as part of our preliminary evaluation.
- Use of Proceeds - Itemized list of the intended use of the requested loan proceeds.
- History - A brief history of the church including date of origin, denominational affiliation (if any), and adult membership and attendance figures.
- Résumé - A brief résumé or biography of the church's senior pastor.
- Project - A brief description of the proposed construction or renovation project (if applicable).
To begin the preliminary evaluation process, please fill out our Contact sheet and one of our financing specialists will be in touch with you shortly. For more information on current rates and terms please call our loan department at (800) 815-1175, Extension 1144.
Our loan committee looks for the following metrics to be demonstrated by the applying organization:
- Loan to Value - Loan amount should not exceed 75% of the value of the church property as completed.
- Loan Size - Loan amount should normally not exceed three times the church's last fiscal year's total support and revenue.
- Ability to Repay - The church must demonstrate the ability to comfortably repay the anticipated mortgage loan during its preceding two fiscal periods.
- Construction - In renovation or construction projects, the church must engage an independent general contractor under a firm fixed-price contract.
- Non-Profit Corporation - Our loans are available exclusively to those organizations deemed "non-profit" organizations by the Internal Revenue Service, such as churches and schools.