What are the terms for both the construction loan and permanent financing?
The church will make monthly interest only payments during the construction period. These are due on the 10th of the following month. Construction loans mature thirty (30) days after the estimated completion of the project. Maximum term for fixed rate loans is one (1) year. Longer terms are available if the rate is variable. Permanent financing can be amortized up to twenty-five (25) years and mature in five (5) years from the start of construction.
