Church
» Hard Money Loans
Avatar Financial Group funds the purchase or refinance of churches, synagogues, temples, and houses of worship. We work with brokers and directly with borrowers. We can only offer a hard money bridge loan on churches and not conventional financing.
- Churches (including traditional and non-traditional types)
- Synagogues
- Temples
- Other houses of worship
- Other income producing non-profit and community properties
- Newly constructed (at least 80% complete)
If you need a hard money church loan for the purchase of a property, you will want to provide us basic info about the property and the purchase agreement. For the fastest response, use our 2-minute loan scenario form. Take note of the loan ID number that is generated when you complete the form. Put that loan ID in the left corner of the subject line when you email us any supporting documents, such as photos, financials, appraisals, etc. This will help to speed your response time.
Be prepared to tell us:
- Location of the property – city and state
- The purchase price
- Estimated date of closing
- The estimated current fair market value of the property
- The reason you are seeking hard money rather than a conventional loan
- % of occupancy
- Gross Income (per annum)
- Expenses (per annum)
Be prepared to send us color photos – inside and out – of the property as well. If you have an appraisal for the property, you can speed the review process by sending that to us.
We will review your loan scenario as quickly as possible. On weekdays, we can generally review the property on the same day or at the most, the next day and get back to you with an LOI or a reason why we may not be a good match for that specific loan scenario. In the event that Avatar Financial Group is prepared to move forward with the due diligence process, expect an apartment loan to close in about two weeks from the time the LOI is signed by the borrower and returned with the down payment toward the third party costs of due diligence.
Things to note about Avatar Financial Group’s hard money church loans:
- Avatar’s minimum loan is $1 million
- The minimum property purchase price is $1,500,000
- In the event of a refinance, the minimum fair market value must be $1,500,000
- Our maximum LTV (loan to value) is 65-70%
