There are several different types of church financing. The loan you receive will depend on the net income of your church. Net income is the money that is left over after all expenses have been paid. Each lender will have its own requirements, but a general target is 42% of your net annual income. Know your financial situation. A new loan will require you to repay the previous one.
Make sure that your netincome is at least $100,000. This will satisfy the debt-to-income ratio. If your church has a lower income than this, it would not be a good candidate for financing. Also, you must make sure that you have adequate collateral, which may be a church’s land. If you don’t have enough funds to cover the loan, you can use your land as collateral. This way, you can still obtain the funding you need for your church’s expansion.