"What you need to know about financing your construction project before it is too late"
Is your ministry considering a building project? What you need to know about financing your construction project before it is too late.
Beginning a building project is a major undertaking for any ministry no matter how large or small. Ministry leadership is typically at a loss about where to begin and who to contact first. Should you first contact an architect to begin conceptual drawings or perhaps a church builder to help guide your ministry through a construction process? Sometimes it’s a design-build firm that ministries turn to for assistance throughout the entire development process.
Church leaders and builders alike agree that more projects fail more often than not because they cannot secure or qualify for the necessary financing. It is absolutely essential that your ministry know its’ financial limitations before you engage an architect or builder. I have served countless ministries that go through the entire building pre-construction process of finalizing architectural drawings, firming up construction bids/costs, securing building permits and engaging a church builder just to find out that they will not be able to begin construction because they are unable to secure necessary financing.
Church Mortgage Solutions offers a Free Financial Feasibility Study that will help assess your ministry’s financial position and ability to qualify for the necessary financing to complete your building project. The Financial Feasibility Study will not only provide you with the maximum loan amount that your ministry can qualify for as of today but also some recommendations that will allow your ministry to qualify for a higher level of financing if needed. The Financial Feasibility Study will also provide your ministry with a final total project size based upon current borrowing capabilities, current cash assets and potential fund raising capabilities. This final total project size will provide your ministry with a target size that your ministry can use in conjunction with the construction experts that you have engaged to ensure a successful building project.
Posted July 17, 2007
By: David Dennison |
