Loan Policies

  • Loans are only available to Stewards Foundation member assemblies located in the United States
  • Stewards Foundation only offers commercial loans and loan terms
  • Loans are secured by a Mortgage or a Deed of Trust, as determined by state law, on the borrowing assembly’s property where Stewards Foundation holds a first lien position
  • Stewards Foundation will loan up to 80% of the total project cost; the assembly must provide the remaining 20%
  • The assembly’s 20% may include some credit for a recent land purchase that is a part of the project, up-front expenses such as fees for professional services like appraisals, surveys, architectural and / or engineering plans, building permits and impact fees
  • No fees are charged by Stewards Foundation for a loan, including application or origination fees
  • No prepayment penalties are charged for prepaying a loan balance
  • No late payment fees are charged to loan holders; our policy is to work with loan holders in an effort to accommodate unforeseen financial circumstances
  • No personal financial information or guarantees are required of those in the assembly’s fellowship
  • The assembly pays the attorney used by Stewards Foundation for the cost to produce the closing documents
  • The assembly pays for a title policy and any services provided by the title company related to closing the loan; it is the assembly’s responsibility to locate and contract with the title company of their choosing to provide these services
  • The assembly pays for local legal representation if deemed necessary by the assembly or if required by state law

All loan requests above $50,000 must go to the Board of Trustees for approval. The Board of Trustees has final say on loan approvals. Loan requests of $50,000 or less do not require full Board of Trustee approval. The process for these loans is less time-consuming as they are reviewed and considered for approval by the President and Executive Director.

The Executive Director and Staff will work with the leadership from each assembly interested in a loan. We are available to answer any questions and guide you through the loan process from application to closing.

Call us before you begin planning your project so we can assist with questions or concerns that inevitably arise.

Let us be a part of your team from start to finish!