Checklists for Churches
More and more, commercial lenders are realizing that churches make appealing borrowers - and often, local banks will offer interest rates that look particularly attractive. At the Cornerstone Fund, we believe we’ve done our job well when churches obtain the best financing program available that meets their needs.
Comparing Loans
Traditional lenders often impose a range of fees and requirements that, once calculated into the overall cost of borrowing, reveal an effective interest rate that is higher than originally anticipated. When evaluating a loan from another lender, be sure to consider the range of associated costs you may incur.
| Fee | Cornerstone | Local Lender |
| Application fee |
None |
____________________ |
| Phase I Environmental Study |
None |
____________________ |
| Loan points* |
None |
____________________ |
| Survey |
None |
____________________ |
| Document preparation fee |
None |
____________________ |
| Legal review fee |
None |
____________________ |
| Other fees |
None |
____________________ |
In addition to web resources, the Cornerstone Fund CD offers a loan calculator than will automatically determine the effective interest rate of a loan that includes additional fees. For a copy of the CD, call 888.822.3863 or email us at info@cornerstonefund.org.
* These costs may be identified as loan points, discount fees, or loan origination fees.
