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Applying for a CEF Loan Loan Application Process - Application Provided by District Loan Application Asks For: - General information about your congregation - Demographic information on your community - Three year history of membership and attendance - Three year history of income and expenses - Three year projection of financial growth - Detail of dollar amounts needed for your building project Loan application is reviewed by the Business Manager Final approval by Board of Directors
Mortgage Approval Process (allow at least six weeks for this process)
CEF will issue a Commitment Letter detailing the terms of the loan and the items required prior to closing and the actual disbursement of funds. Some of the items that will be required are: - Certified copies of the Articles of Incorporation - A copy of your current Articles and Bylaws or Constitution - Resolutions that must be approved by the Voters or others - Title insurance - A recent survey of your property - Evidence of insurance - Performance and Payment Bond for each contractor may be needed - Note and mortgage signed and recorded - Supporting investments (start this process as soon as possible) Appoint someone to make sure all requirements are met on a timely basis (resolutions passed, papers signed and mailed, etc.).
Other Options - Start loan process prior to actual approval - Fill out application as soon as possible - Submit Articles and Bylaws together with Certificate of Members Consent to Mortgage Property - Submit recent survey of property, if available - Submit legal description of property
For an application or more information: Church Extension Fund South Dakota District Lutheran Church - Missouri Synod PO Box 89110 Sioux Falls, SD 57109 (605) 361-1514 |
