We look for the following metrics to be demonstrated by the applying organization:
Loan to Value - Loan amount should not exceed 75% of the value of the property as completed.
Loan Size - Loan amount should normally not exceed three times the last fiscal year's total support and revenue.
Ability to Repay - The organization must demonstrate the ability to comfortably repay the anticipated mortgage loan during its preceding two fiscal periods.
Construction - In renovation or construction projects, the organization must engage an independent general contractor under a firm fixed-price contract.
Non-Profit Corporation - Our loans are available to those organizations deemed "non-profit" organizations by the Internal Revenue Service, such as churches and schools.
Small Loan Programs
CPI Financial provides a Small Loan Program ranging in size from $200,000 to $1 million, with complete documentation, we can review most loan requests within 24 hours and fund a loan in as little as 45 days.
CPI provides construction financing from $200,000 to $15 million as part of a long-term permanent loan and can structure a financing option which accommodates the gradual withdrawals needed to fund the construction process. We will also consider a period of interest-only financing for up to 18 months as part of a larger, long-term bond financing. We will consider construction financing for projects in which the Borrower has entered a firm cost-to-completion construction contract with a qualified licensed general contractor, or other contract arrangements acceptable to the Lender.
Intermediate & Variable Rate Mortgages
In addition to long term fixed rate loans, CPI Financial Services can also provide shorter term (3, 5, or 7 years) loans, or variable-rate mortgages that are tied to an established interest rate index. Our intermediate term loans have a renewal option which enables the church to extend the loan for additional periods at then prevailing rates.