No matter what size or type of building your synagogue is looking to purchase, SteveKnowsLoans will help you get the financing you need. We can provide synagogue mortgages between $50,000 and $500,000. In all states besides Alaska, Alabama, Hawaii, Michigan, Nevada, North Dakota, Vermont, and West Virginia, we are able to provide synagogue financing.
To qualify for financing, a synagogue only needs a loan guarantor with a FICO score of 600 and yearly gross revenues of $100,000 or more. In addition, the following forms of paperwork must be submitted:
- The Uniform Loan Application Form (1003 application) must be completed by the guarantor.
- The guarantor is expected to supply a tri-merge FICO report, which includes information from all three major credit bureaus.
- The guarantor must apply for the loan on the website.
- The synagogue is obligated to reveal its most recent audited financial statements.
For synagogue financing, the highest loan-to-value (LTV) and combined loan-to-value (CLTV) percentages are 65% and 80%, respectively. The synagogue’s debt service coverage ratio (DSCR) from the previous year must be greater than 1.25.
Our synagogue assistance program is structured as follows:
- Sub-$100,000 loans are offered at a fixed rate for 10 or 15 years.
- The interest rate on loans over $100,000 is fixed for 25 years.
- There is a prepayment penalty of 5-4-3-2-1.
- There is a range of 10.99% to 12.375% on interest.
- There is no access to bridge or building financing.
- Cost of borrowing money: 2%
No tax returns are required if the synagogue is exempt from paying taxes. If the synagogue isn’t exempt from paying taxes, the lender may ask to see recent returns to be sure they’ve been paid on time.
Call Steven Jackson at 813-616-9411 now!
