RoomTo Grow
Do you need a loan for a refinance, purchase, construction, renovation, or to repurpose existing spaces?
With the help of ABEC Loans, new churches build their first homes. Historic churches renovate old buildings for new, vital ministry. And established churches make their worship centers more efficient and accessible.
ABEC Loans are an alternative to borrowing from a commercial institution. Our service is specifically geared to the unique needs of churches and church-related entities — including schools, day-care centers, camps, shelters, and soup kitchens.
What ABEC Loans fund
Acquisition
Purchase a building, a parsonage, or the lot next door — or move from rented space into a permanent home.
New construction
Build from the ground up, including new church development.
Renovation
Restore a sanctuary, add classrooms, or repair the roof that has waited too long.
Capital improvements
Upgrade facilities for greater community service and outreach.
Energy efficiency
Reduced-rate programs have supported conservation work since the early 1980s.
Accessibility
Elevators, ramps, and the removal of structural barriers to full participation.
Disaster recovery
Rebuild and repair after storm, fire, or flood.
Sound project planning helps you qualify.
One of the key elements for successful borrowing is a long-range plan. Churches that contact an ABEC representative for Building Planning Services early in the process can take advantage of our assistance — and are often in the best position to meet our lending criteria.
What we look for
To qualify, your project must be architecturally sound, support the church’s ministry goals, and exhibit good stewardship of both human and natural resources. Your church will need to demonstrate:
- A realistic budget reflecting all resources and expenses, including contingencies
- A reasonable debt service ratio
- Equity in the project
- The ability to repay
- Support for ABEC's investment program
Terms
The majority of ABEC Loans are secured by a first mortgage, first deed of trust, or an assignment of investments in ABEC, and are evidenced by a promissory note. The repayment period is generally 15 years.
ABEC also combines resources with other financial institutions through participation lending, to make large ministry dreams attainable.
For more information about terms and current loan rates, please contact us.
The application process
One application, for everyone. There is a single application process for all potential borrowers. It requires financial statements, information on attendance, current debt, and the nature of and budget for the project.
Review, then approval. Once your application is reviewed and criteria are met, notice goes to the loan committee. Preliminary approval begins the documentation process; full approval follows completed documentation.
Then disbursements begin — and your ministry dream is on its way to becoming a reality. We provide customer service throughout the term of the loan.
Ready to talk it through?
Send us the outline of your project. We will come back with questions, not a form letter.