In what states does MDC offer loans?

  • Washington
  • Alaska
  • Idaho

What types of loans are offered?

  • Construction Loans
  • Mortgage Loans
  • Lines of Credit

How long can the term of the loan be extended?

Typically, the term of the loan can be extended to 20 years. The line of credit has a term of 5 years.

Do the loans have fixed or adjustable interest rates?

The lines of credit are fixed over five years. The construction loan is typically for one year and mortgage loans adjust every 3-5 years over the life of the loan.

How does the loan process work?

  • When you first contact us, we will be glad to discuss your loan request with you, answer your questions, and identify the type of financing we can provide.
  • Once you have applied for a loan, we handle the details of assembling a loan package for presentation to our loan committee.
  • We do a financial analysis of your organization and the property. Once submitted we present all packages to our board for final approval. We arrange for required due diligence and follow through to loan closing.
  • As a borrower you want the loan application process to go smoothly, and you don’t want surprises. We try to anticipate problems and deal with them in advance, so your loan will be approved and closed in a timely manner.

How long does the loan process usually take?

Assuming the church has decided to proceed and has delivered all the key documents needed to underwrite the loan and prepare the loan package, 30-90 days would be the  typical range.

Does MDC charge any upfront fees?

MDC does not charge application fees. You will be responsible for title insurance and recording costs.

Who is responsible for organizing the closing?

MDC will work with you to make sure the closing runs smoothly.

Any penalties to prepay the loan ahead of term?

No, we encourage you to become debt free.

Did you know…

We are encouraging churches to make energy improvements (Green Churches)?

We offer free financial reviews to churches if they make an investment in a Mission Development or Building Certificate?

We are available to assist churches with their capital improvement plans?

You can help lower the interest cost if your church has a loan by investing in Mission Development or Building Certificates (ask about our VIP Program)?