FAQs (Borrowing)

Missionary Church Investment Foundation has loan options available whether you are building a new building, purchasing equipment, or making unexpected repairs. We’ll be glad to talk with you and help determine what would best fit your church’s needs.

MCIF can provide mortgage loans for new construction, building purchases, or building renovations. We also offer installment loans for equipment purchases or other projects. 

What are the maximum length of MCIF’s loans?

For mortgages, we offer a term of up to 20 years. Other projects, such as equipment purchases or leased-space buildout, are usually 7 years or less. MCIF will work with the church to structure a loan that is financially prudent, but fits the church’s budget.

Do you charge a lot of fees?

We keep fees as low as possible – we charge $250 for mortgage loans and $150 for equipment loans. With mortgages, we will also have some of the “normal” closing costs such as an appraisal, title insurance, recording fees, etc.

What are your interest rates?

MCIF’s loan rates are reviewed quarterly by the MCIF Board of Directors, to make sure that we are as competitive as possible. Most of our loans will have rates that are subject to adjustment every 3 years. Preferred rates will be offered to churches that are paying their regional and national assessments in a timely manner.

Will MCIF finance the entire cost of a project?

Usually we require that a church fund at least 20% of a project or equipment purchase with its own money.  This not only reduces the amount of interest the church will pay, but also ensures that the church has ownership in the project.

How does a construction loan work?

Construction loans:

  • are used for new building construction or renovation projects
  • allow the church to pay contractors or vendors as they are invoiced
  • are subject to a maximum amount and draw period determined by MCIF
  • require interest only payments during the construction period.  After the project is complete, principal and interest payments will begin, over a maximum term of 20 years