How does the underwriting process work?

Underwriting is simply analyzing and formatting the information that you provide.  There are several steps in the underwriting process: 

What do I need to do as a first-time borrower?

Before contacting any lender, it is essential that the church’s leadership team is prayerfully unified behind the planned project.  It is also important that the church set a realistic project budget before spending money on preliminary expenses like architectural services, appraisals, down payments, and consultants.  As the Bible advises in Luke 14:28, “For which one of you, when he wants to build a tower, does not first sit down and calculate the cost to see if he has enough to complete it.”

Your CFS Loan Consultant can assist in this first step.  Using the financial statements of the church, we can calculate the loan capacity of the church and introduce your leadership team to sources of funding other than permanent debt, such as capital stewardship campaigns and bridge loans.

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How do we plan our project?

Planning your construction project is one of the most crucial steps to a successful project.

Answering these questions and so many more are just part of the process of planning a good project. At CFS we offer tools to help you plan your construction project. We have trained and qualified financial consultants that will help you determine what you can spend without damaging other important ministries in your Church. When you know financially where you stand, CFS can walk you through the planning process for construction.

The next step is understanding what your Church body needs. We will help you survey the needs of ministries. We will help you understand some of the cause and effect issues:

We will put our experience to work for you, helping you understand the world of construction. 

Once you have an idea of what you can spend, and you know what you need, then you can begin hiring an architect or design-build firm, to start putting your vision on paper. A vision that meets the Church’s ministry needs and fits your pocketbook! (Many design-build firms offer pre-construction survey services to help assist you to learn what your church body needs.)

So, the answer to “How do I plan my construction process?” looks like this:

1. Determine what you can spend. (Don’t go shopping at the Lexus Dealer if you can only afford a KIA.)

2. Determine what you need. (Knowing what your congregation wants will motivate them to support the project.)

3. Hire an architect. (Hire a firm or individual that has a good reputation and solid pricing.)

4. Hire a general contractor or construction management firm. (Solid pricing is a must, and always check previous jobs.)

5. Build an itemized budget. (Our Schedule of Values helps you track every dollar spent.)

6. Build a Church! 

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How do we apply for a loan?

The following additional information can also be provided to speed the qualifying process.

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What are the lending terms?

Commercial Finance Solutions offers a variety of lending products to meet the needs of America’s churches.  We provide financing for needs that include (but not limited to) the following: real estate purchases, construction, renovation, and credit lines.  Fixed and variable interest rates are available with amortization schedules up to 30 years with varying maturities.  Commercial Finance Solutions understands that no two ministries are the same and we take pride in our ability to be flexible within our lending approach.