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This is the place to view the past and present contests put on by ActiveRain and its members. Everyone can join the
group and help encourage each other. Current contest will be highlighted posts so it's easy for you all to see. Let it
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AR's community takes the time to leave honest and transparent reviews of their experiences
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Add new products as you use them and gain points for doing so
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Find answers to most FAQ's
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Each month AR runs numerous contests as a way for our members to engage in activities
that will boost their business and increase their visibility in the community and beyond.
Earn points by partaking in these contest and climb the leaderboard
Do what's good for you and your business by participating
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Ask a Real Estate Question
Here's another avenue for you to build relationships with others. Share your expertise with someone searching for answers.
Play the teacher role and help someone out today
Your Homepage will alert you of new questions in your state
A wonderful way to open a door to a possible new client
Ask a question yourself to get help
These state pages or hyper-local pages provide content directly related to a specific geographical location.
State, County, City and Neighborhood pages make it easy for consumers to find what they're looking for.
Post your listings, school information, local events, market reports and more
Consumers peruse these pages for information
Farm your niche market and cover all the happenings in your neighborhood
The Church provides a Statement of Faith/Core Values/Beliefs for organizational
Membership eligibility and approval
The loan amount generally should not be greater than 3 times the average annual general fund income.
The real estate used as collateral must meet loan-to-value guidelines based on a
first lien position on the following types of property:
70% Multi Use 70% Single Use (Church)
65% Educational 40% Camp and Conference
50% Undeveloped Land 80% Ministry Owned Residential
The Church's total debt payments for loans and leases should not exceed 30%
(15% for schools) of the average annual general fund income.
The Church's general fund's Annual NET INCOME should be able to cover at least
110% of the new and existing aggregate annual debt and lease payments.
The Church has a minimum 5 year financial history
At least three years of stable or growing church attendance history
Excellent payment history with current lender
Construction Loans need a minimum of 25% borrower contribution on construction
30% down payment required on purchases
Guaranteed maximum price contract
Payment and performance bond
Recording of loan documents before ground breaking
Pre-Qualifying For A Loan
CBL is pleased to have the opportunity to offer its financial services to your congregation. Upon receipt of the information listed below, We will have a preliminary evaluation of the church's borrowing capacity under the program guidelines.
1. A brief description of your loan request: amount, purpose, etc.
2. Financial statements for the last 3 fiscal years. The financial statements should include balance sheets, income/expense statements and any supporting exhibits. NOTE: The statements should reflect all operations including day care, school, etc. In the event such operations are separately incorporated, similar information may also need to be provided for those entities.
3. Interim financial statement (balance sheet and income statement) for a current year-to-date period.
4. Three months of most recent account analysis and/or bank statements.
5. Average weekly adult worship attendance for each of the last 3 years (2005, 2006 and 2007). This number should include only the primary worship service(s), which any given adult would attend in a typical week (i.e. Sunday morning or perhaps Saturday night).
6. Current and proposed seating capacity (if applicable).
7. Number of worship services per week and seating capacity of sanctuary.
8. Church's top 15 donors for the fiscal year ending 2007. Please provide the initials of the donor and the total amount that donor gave in the year.
9. Describe any existing or planned capital pledge campaigns. Include the start (or anticipated start) date, end date, purpose of the campaign, amount of gross pledges, total amount collected to date by each fiscal year. If readily available, it is also helpful to have similar information on recently completed campaigns.
10. If funds are for a construction project, please provide a brief description of the project including target dates, anticipated costs and means of funding such. In addition to hard construction costs, be sure to indicate any items that may have already been paid such as land costs and architectural fees. Soft costs such as furniture, fixtures, equipment and landscaping should also be included.
11. Articles of Incorporation and By-Laws
Sources and Uses
Tips for filling out a Sources and Uses Statement:
If you have recently acquired a site, the lender will want to know the actual cost
of the site and the date it was purchased.
The City or County may require you to lay new roads, install turning lanes or streetlights, or install utility lines. Be sure to research these items when you are putting your budget together.
The "Cash Spent" amount should include all expenses incurred so far on items in the "Uses of Project Funds" categories. Be sure to include the date of this calculation.
The lender will want to know your actual cash on hand as of the date of your application. Only include funds that are available for the project; do not list funds that are committed to other uses.
You may include a reasonable projection of the additional cash you anticipate receiving prior to loan documentation. The lender's financing commitment letter may require that you have that cash before the loan is documented.
If you plan to sell an existing facility to generate the required funds, the sale must be completed before the loan documents are executed. Otherwise, the funds should not be considered as a reliable "Source".
To determine the amount of debt required to complete your project, start with the Total Uses figure and subtract all other Sources figures. That will be the amount your church seeks to borrow.
The Total Sources figure and your Total Uses figure must be an identical amount.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.