HOME... LOANS
LACE offers 2 different loan products.
An overview is below.
For more information, please download our
Information Handbook
SECURED LOANS
- Maximum loan amount $1.7 million
- Secured by a 1st mortgage
- One-half of the loan amount is expected to come from Loan Certificates or IRA Investment Certificates taken out by investors.
[ 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 or 25 years. Rate reviewed every 5 years.
-
OR 10 year and 15 year fixed rate notes available.
UNSECURED LOANS
- Maximum loan amount $65,000
- No mortgage attached
- No certificate requirement
- Maximum term 7 years
TYPE |
TERM |
INITIAL RATE |
Secured |
5-year balloon note
( 20 or 25yr. amortization)
|
6.00% |
|
TERM
|
RATE |
|
10-year fixed rate note |
6.00% |
|
15-year fixed rate note |
6.25% |
Unsecured |
Up to 7 Years |
7.50% |
LACE Loan Application - Secured Loan
LACE Loan Application - Unsecured Loan
LACE Borrowing Resolution
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