The following is a brief description of each of the loan programs OCCIF can offer.
All applicants must be missions, parishes, monastic communities or institutions serving the Orthodox jurisdictions determined as canonical by the Assembly of Canonical Orthodox Bishops of the United States of America and/or its successor.
A loan can be made to a mission, parish, monastic community or institution for building projects involving the construction of a parish temple, social hall, rectory, school or senior-related housing project. Once qualified through OCCIF’s Feasibility and Loan Application processes, we would lock in your interest rate. OCCIF will then establish a 12 to 18 month, interest only, payment schedule matching the duration of the construction period. OCCIF will also provide services for the periodic disbursement of loan proceeds matching the progress payments schedule of the project. After construction is deemed complete by the approving agency, the loan is transitioned into a permanent loan, where principal and interest payments are due for the approved duration of the loan. OCCIF lends up to 80% of the total construction cost of most projects.
This loan program is designed to include the purchase of new, undeveloped parcels of land or a property with existing improvements, capable of being used as a place of worship. This program’s requires the submission of a qualified appraisal, earlier in the evaluation and qualifying stages then other programs. OCCIF can lend up to 70% of the total cost of undeveloped property or 80% of a property with existing structures, not requiring remodeling or alterations to occupy.
Similar to our New Construction Loan program, the initial process required for funding remains the same but the loan amount range is significantly less to renovate verses build. The interim financing, as interest only payments, is also similar to our new Construction Loans but are limited to a maximum of 12 months in duration. After the renovation phase is completed and approved for occupancy by governing agencies, the loan is transitioned into permanent financing. Principal and interest payments are due for the approved term or the program. OCCIF can lend up to 80% of the total appraised value of most projects.
OCCIF offers the ability to refinance existing debt, with the goal of provided a more competitive interest rate than conventional lenders. These loans are guaranteed through secured title to the project’s real property. OCCIF can only provide funding for projects where OCCIF provides the first mortgage.