Church Loans are available for acquisition, refinance, and rehab of projects located in Texas. Loan amounts up to 70% of the lesser of the purchase price or appraised value. If the request includes rehab, up to 70% as completed (AMI Lenders will advance rehab funds based on invoiced and approved completed work). Terms are negotiable with one to five-year maturities, amortization up to twenty years, and fixed and floating interest rate options. Borrowers will have to complete a church questionnaire, and AMI Lenders will require the personal guaranty of the Pastor and possibly additional members.
Fix and Flip
Given that the lenders are looking mostly at the collateral as a security fix and flip loans often require higher equity on the property. Private lenders will often cap their loans at 65%-70% of the value of the collateral and in case of income-producing properties, may often require the property service the debt (at a minimum).
Bridge & Other Loans
On any purchase money loan (unimproved properties, residential or commercial) we’ll finance the lesser of 70% of the appraisal or 70% of the purchase price. We want our borrower to have 30% cash down;
- When refinancing a property we’ll lend; (i) 70% on an owner-occupied home, (ii) 65% on commercial properties, (iii) 50% on lots in platted and approved subdivisions, and (iv) 33% on unimproved properties;
- We want some type of proof that the borrower has the ability to repay the loan; and our prohibited loans are as follows:
- No bars or night clubs;
- No assisted living facilities; and
- No residential lot development loans