Since the first church loan in 1896 to St. Rose of Lima Parish in Meriden, Conn., ChurchLoan has become a leader in Catholic project financing in the United States and Canada.
Since its inception, ChurchLoan has approved more than $500 million in loans to Catholic dioceses, parishes, schools, hospitals, orders and other religious institutions.
ChurchLoan serves two functions for the Knights of Columbus. First, the loans are an investment supporting Knights of Columbus insurance policyholders. Second, a ChurchLoan provides an opportunity for Knights of Columbus to expand its role in helping further the growth of the worldwide Catholic community.
Once a loan is approved, it can be used to replace a bank construction loan, purchase property or refinance existing debt. These secured loans not only offer attractive rates but also feature maturities up to 20 years.
Unsecured loans are also available through ChurchLoan for up to five years in amounts $500,000 or less.
Each loan requires approval and guarantee by the appropriate diocese or religious order and, for secured loans, sufficient real estate collateral so that the loan-to-value ratio does not exceed 75 percent. These are required prior to the application process.