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Looking to Borrow? Cornerstone Fund Offers $1,500 toward Closing Costs

Cornerstone FundIf your church is looking for the right loan to finance a building repair, improvement or expansion project, it’s time to talk to the Cornerstone Fund! In addition to good rates and a range of terms designed with churches in mind, the Cornerstone Fund is now offering up to $1,500 toward its already low closing costs.

“Our closing costs have always been minimal,” said Cornerstone Fund president Gordon Gilles. “We only pass along to our borrowers the title and recording fees that are charged to us. But now we’re sweetening our loan offers with $1,500 toward even those fees.” Most borrowers focus on interest rates when looking for financing, he explained, but typical bank closing costs raise the overall cost of financing. “Banks often charge application and origination fees, they require appraisals and environmental survey fees, and more,” said Mr. Gilles. The Cornerstone Fund has never required those additional reports or charged extra fees, helping churches keep their borrowing costs as low as possible and put more money into their project and their ministry.

In addition to the closing cost benefit, the Cornerstone Fund has expanded its loan options to include five different options — one- and three-year adjustable rate loans, and five-, 15- and 30-year fixed rate loans. The Cornerstone Fund also offers a revolving line of credit of up to $100,000, which does not qualify for the  $1,500 offer. Developed with churches in mind, Cornerstone Fund loan options include the ability to recalculate payments when large principal payments reduce the loan balance. Churches interested in applying for a loan or a revolving line of credit can visit cornerstonefund.org to calculate borrowing potential and payments, check out term and rate options, and download an application.

Since 1995, the Cornerstone Fund has provided nearly 1,000 loans to UCC-related churches & organizations — loans funded by interest-bearing investments from UCC-related individuals and organizations. The Cornerstone Fund also offers workshops and seminars on church finance and management to regional gatherings — at no cost to the sponsoring organization. For more information, visit cornerstonefund.org.

Click here to download an application. Have questions? Just give us a call at 888-822-3863.

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