Churchloan Frequently Asked Questions

1. Who qualifies for a ChurchLoan?

Any institution affiliated with the greater Catholic community in the United States, United States Territories and Canada is eligible for consideration under ChurchLoan. Knights of Columbus state, provincial and local councils are not eligible for ChurchLoan.

2. When does my rate lock in?

The rate is locked as of the close of the last business day of the week prior to funding. Rates cannot be locked prior to the close of the loan.

3. How is my rate calculated?

The interest rate applicable to the loan will be determined by comparable maturity Constant Maturity Treasury notes plus a spread.

4. Are there any points?

No.

5. Are there any hidden charges?

There are no hidden document processing fees or handling fees. However, all typical costs required for the close of the loan will be covered by the borrower.

6. How long does it take to receive approval for a loan request?

The length of the underwriting process varies from application to application. Cooperation from the applicant, and completing and providing all the required application materials will speed up the approval process.

7. Could my loan be sold to another institution?

These loans are not sold and will remain with Knights of Columbus for the life of the loan.

8. Will my institution’s information be sold to other institutions?

No, Knights of Columbus respects the privacy of Catholic institutions. We will treat all non-public information provided to us as confidential and with the same care as our own non-public information.

Liability Statement

ChurchLoan is not intended for, will not be approved for, and cannot be used otherwise for or funded in connection with (i) funding, defending or settling litigation claims against a prospective Borrower or Guarantor, (ii) the bankruptcy or insolvency of any Borrower or Guarantor, or (iii) any non-project or non-operations purposes. ChurchLoan will consider loans to qualified Borrowers (i) only in the U.S., U.S. Territories and Canada, and (ii) (if a secured loan request) only secured by real property in the U.S., U.S. Territories and Canada. ChurchLoan reserves the right to take no action on any loan request.