| The following are the goals and objectives of our loans for each of our church and ministry clients. Different lending institutions impose different criteria on our clients, and each loan must be negotiated to obtain the very best rates, terms and conditions for our church and ministry clients.
In order to better assess the amount your organization may realistically qualify to borrow and the amount it will be able to afford, we include a no-cost / no-obligation "Free Loan Analysis" page in this Website. This completed document helps us perform a mortgage analysis and gives you a realistic expectation of what a loan for your organization will look like—it is not a quote nor an estimate, but rather a working paper to ascertain the outer limits of what we believe your church or ministry will be eligible to borrow, without additional steps such as stewardship campaigns, sale of assets, anticipated new revenues, etc. The features we seek for each of our clients include the following:
- A one (1.5%) percent commission on the gross loan commitment amount contingent upon CMFI being the procuring cause of said loan. The fee is earned at time of our presenting the client the commitment within the criteria outlined by our Consulting Agreement, but is to be paid at closing.
- A one-time, upfront, nonrefundable consulting fee may be charged by our organization (but credited toward our commission when CMFI procures the loan commitment).
- Lender origination fees generally not to exceed one-and-one-half (1.5%) percent charged to the church or ministry client at the time of loan closing (with disclaimer that higher fees may be charged for non-conventional funding, high risk loans, and "buy downs" of interest rates at the request of the church or ministry client herein). Our goal is to negotiate these fees to the lowest practical amount.
- Some lenders will also charge an application fee.
- Generally no co-signers (except in rare circumstances to be discussed with the church and agreed to in advance).
- Generally no prepayment penalties on the permanent financing.
- Generally no derivatives or "interest swap" contracts.
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