- 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 provides the remaining 20%
- The assembly’s 20% may include credit for a recent land purchase that is a part of the project, and expenses such as fees for professional services like appraisals, surveys, architectural and / or engineering plans, building permits and impact fees
- No fees are charged for a Stewards Foundation loan, including application, origination or mortgage satisfaction fees
- No prepayment penalties are charged for prepaying a loan balance
- No late payment fees are charged; 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. The process for loan requests of $50,000 or less 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.
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!