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FAQ

 

frequently asked questionsFrequently Asked Questions (FAQs)Christian churches and organizations face unique challenges when it comes to financing capital projects. Church of Christ Development Company Ltd. (CCDC) exists to help groups to achieve capital project goals that enhance their ministry vision. We do this by offering lower interest rate loans and customizing terms to meet the needs of the group.

1.  Borrowing funds for a capital project…

  • Can funds be borrowed to finance programs or operating costs?

No, CCDC’s funds are designated and its mandate is to provide loans for capital projects. These may include renovations to an existing facility, costs of relocating to a different facility, funds to buy land for a building project, or funds to construct a new church building.

  • Who can borrow from CCDC?

Our company is presently only mandated to provide capital project financing if the teaching and practices of your church or para-church align with CCDC’s Statement of Beliefs and Practices. If you are unsure of  whether your church affiliation fits, give us a call and we will be happy to discuss this with you.

  • How much are we able to borrow?

CCDC is not an equity lender. One of our greatest considerations is that a capital project be designed to enhance a group’s ability to carry out their vision and mission. For this reason, our maximum loan amounts will be based on the ability of the group to comfortably repay the loan.  This is determined by a cash flow analysis and is generally about three times the annual unrestricted income. This amount may increase to as much as five times with a successful capital fund raising campaign.

  • Do you require a down payment?

 This depends on the project. For a new building or property, CCDC usually requires that the church contribute 20% to the purchase price. In the case of renovations to an existing facility owned by the congregation, there is not usually any down payment required.

  • Why do organizations pay interest?

Our loan rates are generally set from 2 to 5 percentage points lower than what would be available from a commercial lending institute. This interest helps to partially offset the costs of providing lending capital and associated services. The interest and principal repayment help ensure that funds are available for future lending to other groups.

  • What is CCDC’s current interest rate?

Our current interest rate is 3.0%, compounded semi-annually for all mortgages, written with five-year terms. The interest rate is reviewed annually by the CCDC Board of Directors but for loans beginning this calendar year the rate will remain 3.0% over the first five-year term.

  • Are there any other fees?

No, the services CCDC provides are part of their ministry to churches, but groups are responsible for paying their own legal costs.

  • Can we make additional payments?

Yes.  All CCDC loans are  fully open. You can make additional payments at any time without penalty, including full repayment of the loan. Our goal is to help you succeed in your ministry and the best way to do that is to help you achieve your goals as quickly and as inexpensively as possible.

  • Can you provide us with references of churches that have used your services?

Please contact our office and we would be happy to connect you to a previous borrower. Or, visit the  projects page to see the churches and organizations that CCDC has partnered with in your area. We would encourage you to call them directly to discuss how they were able to use our services to achieve their goals.

2.  Questions About CCDC’s Church Plant Ministry…

  • Why has CCDC become involved in providing church planting grants?

CCDC no longer provides this service.