COVID changed everything. Families do not look the same. Hundreds of thousands of lives have been lost.
Much less important but the pandemic changed the customer service we receive. Good employees are more difficult to find. Supply chains are backed up. The entertainment industry has changed. And I could go on and on.
But I want to take a moment and talk about how churches have changed. Live attendance numbers are dramatically reduced and increased efforts have been put into digital content. Something you may not know is the way banks deal with churches has changed as well.
In an effort to add value to you, I recently sat down with Matthew Carter, Vice President Ministry Development of CDF Capital, and Dennis Moses, CEO and Managing Director of Church Capital Resources. I have had the privilege of being dear friends with both gentlemen for 20 years. These men are highly-competent and experts on the subject of church lending. This will become apparent as you watch the video above.
The following are 3 Things About Church Loans Pastors And Church Leaders Should Know In A Post-COVID World which they will unpack in greater detail in the video:
- The market is surprisingly stable. Better rates and more flexibility is currently available.
- The biggest obstacle today in church lending is the appraisal process. This dramatically affects the amount of equity a church may have to come up with. Make sure you listen to Dennis’s Debt Coverage Ratio at the 12:10 mark!!!
- Construction costs are inflating at an incredible rate, 15-30% across the board. Steel is at a historic high.
If your church needs to refinance or borrow money for expansion, I can’t recommend you connect with these gentlemen enough. Whether you utilize their services or not, Matthew and Dennis will add tremendous value to your decision process. Bottom line – you will make better decisions because they were in the room! The following is their contact information:
Matthew Carter
Vice President Ministry Development
CDF Capital
678.477.3173 cell
Dennis Moses
CEO and Managing Director
Church Capital Resources
615.370.3784
moses@churchcapitalresources.com
If your church needs to raise capital for debt retirement, expansion, or the needed cash reserves discussed in the video, reach out to me:
Brian Dodd
Director of New Ministry Partnerships
INJOY Stewardship Solutions
678.814.9403
I want to thank Matthew and Dennis again for investing in pastors and church leaders. There are not two people better regarding church financing than these two men! Reach out to them. They will help you.
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