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FAQ & Other Questions



Who is eligible to apply for a loan from the Extension Loan Fund, Inc.?

Any church that is a member or transfer member of the International Pentecostal Holiness Church according to the church manual (Article IX, Church Property and Titles, page 78-83) and assuming other criteria for obtaining a loan are met.

What are the terms of the loan?

The loan can be established on a traditional fixed interest loan of 10, 15 or 20 year notes. Payments and interest are typically based on a 15 or 20 year amortization.  Adjustable rate loans are also available which may be adjusted on specified review dates according the terms of the note.

Is there an application fee for a church loan?

Yes, The Loan Fund charges a 1% application fee based on the amount of the loan requested.  If the loan is funded, the Loan Fund retains the application fee. If the loan is not funded, the application fee shall be returned. The Loan Fund shall also charge a $250 fee for loan documentation preparation.

What are the closing costs for the loan?

Closing costs differ with each property.  In the event a survey, title search, title policy or appraisal is needed this will be charged as closing costs, usually to the buyer.

Average survey cost: $2,500.00
Title Search: $500.00
Title Policy: 1% to 3% of the Loan Amount
Appraisal: $450.00 to $2,500.00

What is the interest rate on the loan?

The interest rate ranges from 5.25% to 8.75% and is subject to change at anytime via Board review.

If the loan payment is returned for insufficient funds, what happens to my loan?

The loan will be placed in default. You will be given the option of making up the past due payment or repaying the entire loan balance. If the default is not cured, the Extension Loan Fund, Inc. will pursue any and all necessary steps to protect their interest in the property including foreclosure.

If the church changes banks during the repayment of my loan, what action should I take?

You should notify the Extension Loan Fund, Inc. immediately to obtain the appropriate information to provide your new bank so that the monthly drafts can continue uninterrupted. It is the borrower’s responsibility to provide the Loan Fund with the correct bank information.

How long does it take to process a church loan once my completed application is submitted?

Provided all necessary information is submitted without contingencies, a loan could be approved in as little as two to four weeks.

Does the Loan Fund accept online payments for loans?

No, not at this time. To facilitate regular payments, each church applicant can choose to mail in a check for their monthly payment or allow the Extension Loan Fund to draft (ACH) their designated bank account once each month. ACH Payments will be drafted on either the 10th day or 25th day of each month.  Download ACH Form

How much can a church borrow?

The Extension Loan Fund has loans which exceed 3 million dollars and as little as a five thousand. Determination of loan amounts differ with each situation and may at times require participation loans with other lenders if a loan is more than 5% of the Funds aggregate loan balance. The Loan Fund will not consider any loan to purchase a church property for more than 80% of the current appraised value or 85% of the purchase price, whichever is less.