Q: Can we make additional payments to principal at any time?
A: Yes. Additional payments can be made at any time by sending a check to our office or online through our account portal.
Q: Can you please provide me with a payment or amortization schedule?
A: We do offer a free calculator on our website to review payment schedules based the current loan balance and interest rate specified in the note agreement. The calculator is available on our website: Calculator – Cornerstone Fund
Q: How long does it take for a loan to be approved or closed?
A: A loan approval process can vary based on when the client sends in documents required or supporting documentation based on what is requested by our underwriting team. In respect to the loan being closed, we expect an approximate timeframe of 90 days from complete application received to loan funds available.
Q: Do you offer construction loans?
A: Yes, we do. Construction loans have an interest only payment period during the construction phase depending on the project and construction contract. Once construction is complete, the payment converts to a ‘regular’ loan payment that consists of principal and interest.
Q: Do you offer financing for solar projects?
A: Yes, we do offer and have provided financial assistance and consideration on many projects. This qualifies for Creation Care rates up to $100,000. Any rate or project over $100,000 will be at the discretion of the underwriting team and need credit approval. Often times, this rate is considered ‘blended’ and varies based on loan amount.
Q: Do you lend to churches outside of the UCC?
A: Most of our clients are UCC members, but we do consider financing other values aligned non-profit institutions on a case-by-case basis.
Q: What geographic area do you lend in?
A: We lend in all the United States and its territories.
Q: Do you offer grants?
A: We do not offer grants.
Q: Do you offer bridge loans?
A: Yes, we do.
Q: What do you guys do?
A: Cornerstone Fund empowers an infinity loop of impact investing. Individuals and institutions invest in Cornerstone Fund and earn interest on investment accounts with no fees. We use investments to offer loans directly to churches and values aligned non-profit organizations for impact projects, helping them to create change within their communities. And importantly, we provide customized care to every client. You will find an account or loan that’s right for your unique or extraordinary needs. You can view our infinity loop here.
If you have any additional questions, please email lending@cornerstonefund.org