Loan FAQs

What is the maximum length of term that a church can borrow?

Up to twenty years.

Can I make payments directly toward the principal?

Yes, you can make principal payments as often as you want in addition to your regular monthly payments.

What are the current loan rates at WIF?

WIF determines a loan rate based on current market conditions on a church by church basis.

What closing costs are involved?

Fees for the Lender’s Title Insurance Policy, recording fees, and other miscellaneous fees may apply. There is a 1/2% fee on all Mortgage Loans and 1% on the Quick Loan.

Can closing costs be included in our loan request?

You may include the closing costs into your loan request as long as the closing costs do not put the church over the qualifying amount.

Does WIF fully finance a project? (i.e. 100%)

Financing 100% of the project is rare. WIF wants the church to have an investment or ownership in the project.

What is the maximum loan amount?

There is no maximum. We evaluate the church’s ability to repay the loan.

How long does it take to receive loan approval and receive funds?

When all required documents are received by the Wesleyan Investment Foundation, you select an attorney and we send a letter of instruction to prepare the note, mortgage, and title work. The time depends on how quickly your attorney prepares the documents. The estimated time to close on a loan may vary from two to six weeks.

How are Construction Loans handled?

Construction loans are handled in “draws”. You pay interest only on the principal amount “drawn” until the loan is fully funded. At that time, you begin making regular monthly payments for the term of your loan.

For the first “draw” you must provide an explanation of items to be paid with the funds. When you are ready for your second “draw”, we will need either signed lien waivers or copies of invoices and receipts to document the first draw and the explanation of items for the second draw, and subsequent draws.

Does WIF refinance existing church loans?


Does WIF make residential loans to pastors or church staff members?

No, we are chartered to make loans to church entities only.