LACE will work with your congregation, providing funding for your construction project. This loan type is very similar to a “Classic Loan”, but we provide funding as the project progresses. The monthly payments on a construction loan are interest only on the disbursed amounts until the construction is finalized, thereby reducing the overall interest cost of the loan.
Typically, a “Classic Loan” is a mortgage loan to accommodate the refinance of an existing mortgage to more favorable terms; to purchase a new church, parsonage, teacherage, school, or other parasynodical WELS/ELS facility; to expand or renovate the church, the school facility, the parsonages or teacherage or other parasynodical WELS/ELS facilities. These Loans are secured by a 1st mortgage.
A mortgage loan under $165,000.00 making a quick and easy way to borrow funds for those unexpected or smaller projects such as carpeting, or purchasing an organ or fixing a roof. Title insurance is waived and loan certificates can be assigned to further benefit your congregation.
Be sure to check out some of our past projects HERE!