This loan type is very similar to the "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 during construction.
Maximum loan amount $3.1 million
Secured by a 1st mortgage
Dependent on the current LACE cash liquidity one-half of the loan amount may be required to come from Loan Certificates or IRA Investment Certificates from your congregation. [ REVIEW OUR INVESTMENTS SECTION FOR MORE INFORMATION ]
Investors are usually congregation members, friends or even a congregation that would be willing to purchase a certificate and receive annual interest payments on the investments.
5 year balloon note with loan amortization of 20, 25 or 30 years.
Rate reviewed every 5 years.
10 year and 15 year fixed rate notes available.