LOAN APPLICATION
LEY Capital Church Loan
DATE OF APPLICATION
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Month
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Day
Year
2 digit month, 2 digit day, 4 digit year
Date
1. CHURCH INFORMATION
Church
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MAILING ADDRESS
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Street Address
Street Address Line 2
City
State / Province
Postal / Zip Code
PHONE NUMBER
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Format: (000) 000-0000.
FAX NUMBER
E-MAIL ADDRESS
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example@example.com
WEB ADDRESS (IF APPLICABLE)
SENIOR PASTOR
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DATE STARTED
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Month
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Day
Year
2 digit month, 2 digit day, 4 digit year
Date
2. CONTACT PERSON
Primary contact concerning the loan application.
NAME
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MAILING ADDRESS
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Street Address
Street Address Line 2
City
State / Province
Postal / Zip Code
DAYTIME PHONE NUMBER
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Format: (000) 000-0000.
CELLPHONE NUMBER
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Format: (000) 000-0000.
E-MAIL ADDRESS
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example@example.com
4. TYPE OF LOAN APPLICATION
Please check one. Contact LEY Capital for complete terms and conditions.
LEY Capital LONG-TERM LOAN (SECURED)
LEY Capital Long-term Loan finances a church land purchase or building project, or refinances an existing loan with another financial institution. For projects involving construction, this loan also finances the construction phase.
LEY Capital LOANS FOR SMALL PROJECTS (UNSECURED)
LEY Capital loan up to $100,000 and for ten years or less can be used to finance smaller projects for shorter periods of time.
5. LOAN PURPOSE
Please select the required service.
THE PURPOSE OF OUR LOAN IS:
(Please check all that apply.)
Loan Purpose
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CONSTRUCTION
PURCHASE
RENOVATION AND/OR REPAIRS
REFINANCING EXISTING DEBT
LAND PURCHASE
FIRST SITE OR BUILDING
Other
3. TYPE OF APPLICATION
Please check one.
Type of Application
PREQUALIFICATION: Estimated cost for real estate and/or building program
FINAL: Actual cost for real estate, building program or refinancing
ADDRESSES of all property:
6. REQUIRED INFORMATION TO SEND WITH THIS APPLICATION
HISTORICAL INFORMATION
Please include the annual church reports from the past three years including financial statements.
CURRENT FINANCIAL INFORMATION
Please include the most recent year-to-date current budget and current month financial statements for the general ministry and capital fund appeal.
IF BUILDING OR RENOVATING
Please include floor plans and elevation drawings and complete the Building Projects section on page 2.
FUTURE MINISTRY PLAN
Please include the future ministry plan if one is available, along with the current status.
OTHER INFORMATION
To help us review the application, please include information that would assist us in understanding your church and its ability to repay a loan in a mission-minded way.
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7. COST ANALYSIS List remaining costs only.
7. COST ANALYSIS List remaining costs only.
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Church USE
INTERNAL USE ONLY
A Real estate costs
B Due diligence items (appraisal, survey, level I environmental report, etc.)
c Other closing costs (owner's title policy, taxes, commissions, etc.)
A Building/renovation costs
B Building permit
c Parking, sidewalks, paving
D Landscaping
E Payment and performance bond
F Site topographical survey
G Geo-technical investigation (soil test)
H Architectural and engineering fees (remaining costs only)
I Assessments (city, county, water district, utilities)
J Church's own builder's risk insurance
K Signage
L Chairs or pews and chancel furniture
M Educational and office furniture
N Equipment (sound system, musical instrument, video, kitchen, etc.)
O Other
III REFINANCING EXISTING DEBT
A Estimated balance on existing debt at time of refinance
B Prepayment penalties and other fees from the existing lender,
Current Lender Name
IV OTHER RELATED COSTS
A Church's contingency- %8 of II-A could be a good estimate (do not include contractor's contingency)
B Church's legal fees (if applicable)
C Interest to be paid during construction (if applicable)
D Other
Sub-total (costs from all sections)
V LEY CLOSING COSTS To be completed by Mission Investment Fund.
A Document preparation fee
B Lender's title insurance policy
C Recording fees
D Other
Total project cost
HOW DID YOU LEARN ABOUT LEY?
How did you learn about LEY?
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Advertising
LEY Capital website
LEY Capital
LEY Capital brochure
Bank Referral
LEY Capital representative
Broker
Other
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8. CAPITAL FUND APPEAL
11. SOURCE OF FUNDS
8. CAPITAL FUND APPEAL
Rows
CHURCH USE
INTERNAL USE ONLY
A Pledge period in years
B Date pledge giving starts
c Actual pledge amount
D Total of all lump-sum/ one-time pledges
E Total of ongoing pledges (C-D)
F Ongoing pledges per year (E/A)
G Average collected funds per month
11. SOURCE OF FUNDS
Rows
Church USE
INTERNAL USE ONLY
A Current cash available for this project
B Additional cash available from now to end of construction that will be used for this project (Section 8G X 9C would be a good
c Other
D Loan amount
E Total: A+B+C+D=
12. REQUESTED LEY CAPITAL LOAN
9. CONSTRUCTION SCHEDULE (if applicable)
9. CONSTRUCTION SCHEDULE (if applicable)
Rows
CHURCH USE
INTERNAL USE ONLY
A Estimated construction starting date
B Estimated construction completion date
c Estimated number of months from today to completion of construction
12. REQUESTED LEY CAPITAL LOAN
Rows
CHURCH USE
INTERNAL USE ONLY
A Requested loan amount
B Estimated interest rate (Call 800-203-0021 for current
c Amortization schedule (Maximum is 25 years.)
D Estimated monthly payments
PLEASE NOTE THAT THE INTEREST RATE IS SET AT THE TIME OF COMMITMENT. ALL RATES AND TERMS ARE SUBJECT TO CHANGE WITHOUT NOTICE.
10. LOAN PAYMENT PLAN (Please check one.)
13. CERTIFICATION
Attach your loan payment plan or budget.
We certify that all information in this application is true and accurate. Further, we certify that all information sent with this application is a true representation of the congregation, and to the best of our knowledge, is accurate.
SEPARATE PLEDGES FOR DEBT REDUCTION.
GUIDELINES: Lesser of the two: 1. %75 of the pledges from section 8F will support the loan payments and the actual pledge giving equals or exceeds the pledges. 2. Total church debt of up to four times the giving to the general ministry budget (not including debt reduction).
We certify that we have at least one investment with LEY Capital.
(Two officers' signatures required.)
PAYMENTS FROM GENERAL MINISTRY.
SIGNED
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PRINT NAME AND TITLE
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DATE
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Month
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Day
Year
2 digit month, 2 digit day, 4 digit year
Date
GUIDELINES: Lesser of the two: 1. Up to %15 of the general ministry givingis spent on debt service. 2. Total church debt of up to two times the giving to the general ministry budget.
SIGNED
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PRINT NAME AND TITLE
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DATE
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Month
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Day
Year
2 digit month, 2 digit day, 4 digit year
Date
THESE ARE GUIDELINES ONLY. LEY CAPITAL WILL TAKE INTO ACCOUNT THE MINISTRY'S UNIQUE CIRCUMSTANCES AND ITS PLAN TO SERVICE DEBT.
SEND THIS COMPLETED LOAN APPLICATION TO: LEY Capital, LLC 324 Datura Street Suite 210 West Palm Beach, FL 33401 Office: 561-990-5855 info@leycap.com www.leycap.com
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LOAN REPAYMENT PLAN WORKSHEET (Use this section even if you plan to maintain separate pledges for debt reduction. You may use another format, but it must be clear and concise so that LEY Capital and your church members understand the plan.)
FUTURE INCOME PROJECTIONS for Ministry Budget ONLY (Do not include designated or building fund contributions.)
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Average Worship attendance
Member giving for Ministry only
Grants
Other*
Other*
Total income for ministry only
*This can include income for the general ministry such as endowment fund income, rent, schools, etc.
EXPENSES for Ministry ONLY (Do not include loan payments if you will have pledges for debt reduction.)
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Worship
Stewardship
Synod benevolence
Other benevolence
Salaries and benefits
Education
Youth ministry
Fellowship
Evangelism
Property/maintenance
Administration
Utilities
Office supplies
Insurance
Loan payments*
Other expenses
Other expenses
Total expenses
Net income/deficit
*Do not include loan payments if you will have pledges for debt reduction
DEBT REDUCTION INCOME (If you will maintain separate pledges for debt reduction, use this section too.)
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Member giving for Bldg/Debt only
Other*
*This can include income for the general ministry such as endowment fund income, rent, schools, etc.
MINIMUM LOAN PAYMENTS (see section 12)
COMMENTS
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