|
About MIF Loans
Loans to Established Congregation and ELCA-Related Ministries
These loans are available to
ELCA mission
congregations, established ELCA congregations, synods and ELCA-related ministries such as colleges and universities, schools, social ministry organizations, seminaries, and outdoor ministries:
The MIF Long-Term Loan
Construction generally involves two loans: a short-term loan to finance the construction and a long-term loan that pays off the construction loan and spreads the payment of debt over many years. MIF combines these two loans into one convenient loan: the MIF Long-Term Loan. Maximum amortization of 25 years. Adjustable and fixed interest rates
are available.
Minimum loan amount
is $100,000.
Long-Term Loans are also
available to
refinance
loans with other
lenders.
No points,
origination fees or
pre-payment
penalties.
Download an
application.
The MIF Construction Loan
MIF construction
loans are generally
offered for periods
of six to 12 months,
depending on the
length of
construction. You
pay only the
interest during
construction. No
points, origination
fees or pre-payment
penalties.
Download an
application.
MIF Loans for Smaller Projects
MIF provides smaller loans for shorter periods to finance special
capital projects. Loans are available in amounts from $20,000 to $100,000. Maximum amortization of 10 years.
No points,
origination fees or
pre-payment
penalties.
Download an
application.
Loans for Second Sites
This
adjustable-rate loan
is for congregations
that are
constructing a
building or
purchasing a
building for a
satellite
congregation.
Maximum loan amount
is $5 million.
Maximum amortization
is 25 years. No
points, origination
fees or pre-payment
penalties.
Download an
application.
Loans to ELCA Mission Congregations
These loans are available
only to mission congregations
of the ELCA:
Site Loans for Initial Unit Building Programs
This loan features 0% interest for two years with minimum monthly billing of $250 for principal debt reduction, followed by five years at 2% interest with an amortization schedule of no more than 15 years.
No points,
origination fees or
pre-payment
penalties.
Download
an application.
Loans for Initial Unit Building Programs
This loan
features a 3%
interest rate for
seven years, with an
amortization
schedule of no more
than 15 years.
Download an
application.
MIF loans do not
have points, loan origination fees,
or pre-payment
penalties.
|
