General FAQ

What do I need to provide when I apply for a loan?

To submit a loan package you will need to complete a Loan Application and gather the items listed on the Document Checklist. Before starting this process, we recommend that you contact a Consultant so they can provide a tailored list of items based on your specific project.

How long does it take to obtain financing?

For church loans, we can generally issue an approval letter within two to three weeks of receiving all the necessary documents. Once the loan has been formally approved and you have executed the approval letter, the closing process takes 30 to 45 days. Under certain circumstances closing may take up 60 days if there is an unforeseen delay.

What kind of loans do you offer? Is there a minimum or maximum loan amount?

We are a financial strategy firm able to design unique or traditional solutions for your funding needs. While we are able to get financing in the traditional way, we are also able to design and implement tailor-made solutions for your church. Contact a Consultant to discover how we can meet your needs.

Will a personal guaranty be required from any of our members or leaders?

No, your loan will be underwritten based on the strength of the congregation, not its individual members or leader. Our job is not only to procure the best financing possible but also to ensure that you don’t burden any individual member or leader of the church with debt.

How much can my church borrow?

This is dependent on a number of factors. We recommend contacting a church consultant so that we can provide you with a no-cost, no-obligation loan evaluation. Please be ready with the current year and most recent three years’ income statements and balance sheets, the value of the property to serve as collateral on the loan, and a short overview of the proposed project.

What kind of interest rates and loan terms should we expect from Darra Consulting?

We are financial strategists. We do not offer any particular type of loan, but rather are able to take your existing financial position and tailor a program that fits your needs.

If you would like to learn more about our what we can do for you, please contact a Consultant today.

How much does Darra Consulting charge for their services?

On a case-by-case basis, Darra Consulting charges a minimal up-front fee, based on the size and complexity of the request. At the time of closing, this up-front cost is credited toward the 1% cost of financing fee we charge, so that our total fee is never more than 1% of the entire amount financed. After evaluating your specific project, we will send you a contract which outlines our fee schedule and scope of work.

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