Types of Loans
Mission Investment Fund loans are available to ELCA mission congregations, established ELCA congregations, synods and ELCA-related ministries such as colleges and universities, schools, social ministry organizations, seminaries and outdoor ministries:
Loans to Established Congregation and ELCA-Related Ministries
The Mission Investment Fund Long-Term Loan
Construction generally involves two loans: a short-term loan to finance the construction and a long-term loan that pays off the construction loan and spreads the payment of debt over many years. The Mission Investment Fund combines these two loans into one convenient loan: the long-term loan. Maximum amortization of 25 years. Adjustable and fixed interest rates are available. Minimum loan amount is $100,000. Long-term loans are also available to refinance loans with other lenders. No points, origination fees or pre-payment penalties.
The Construction Loan
Mission Investment Fund construction loans are generally offered for periods of six to 12 months, depending on the length of construction. You pay only the interest during construction. No points, origination fees or pre-payment penalties.
Loans for Smaller Projects
The Mission Investment Fund provides smaller loans for shorter periods to finance special capital projects. Loans are available in amounts from $20,000 to $100,000. Maximum amortization of 10 years. No points, origination fees or pre-payment penalties.
Loans for Second Sites
This adjustable-rate loan is for congregations that are constructing a building or purchasing a building for a satellite congregation. Maximum loan amount is $5 million. Maximum amortization is 25 years. No points, origination fees or pre-payment penalties.
Determine your approximate monthly mortgage payment with our convenient loan calculator.
Loans to New-Start Congregations
Beginning January 1, 2009, the Mission Investment Fund will make loans to new-start congregations at reduced rates to purchase land, or to construct or purchase their first church building. The interest rate will be a reduction of 2.5% from the adjustable-rate MIF Long Term Loan that is in effect at the time.
The fund will continue to purchase and hold property for mission congregations for up to three years. During this period, the ministry will be required to make payments to the fund of three percent of the purchase price per year. All payments will be applied to reduce the loan necessary to purchase the land and construct a new church building or purchase an existing facility.
If the building program is delayed and not started by the end of three years, the fund may transfer the real estate to the ministry as a loan at the new-start congregation building program interest rate. Such loans will be considered to be part of the 10-year maximum term.
Mission Investment Fund loans do not have points, loan origination fees, or pre-payment penalties.
For more information please contact a Mission Investment Fund loan administrator (toll free) at 877.886.3522.
Interest rates and terms are subject to change without notice. Note: Congregations related to the ELCA Evangelical Outreach and Congregational Mission program unit that are interested in purchasing land or building an initial church building should first contact their synod's director for evangelical mssion.