Loan Types

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.

Refinance Loans

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.

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Renovation Loans

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 versus 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

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Straight Purchase Loans

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 requires the submission of a qualified appraisal, earlier in the evaluation and qualifying stages then other programs. OCCIF can lend up to 70%

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New Construction Loans

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

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Please review the Terms and Conditions before proceeding.

Terms & Conditions

  1. Loan approvals are based, in part, on the supporting documentation substantiating the borrower’s ability to repay the full loan value plus accrued interest in accordance with the terms and conditions of the loan. Full disclosure is required of each applicant. Lack of full disclosure, in any area of the evaluation process, constitutes a breach of confidence and is grounds for the denial of any application.
  2. Loan proceeds can only be used for the project approved, as described within the application process and submitted supporting documentation. Any distribution of loan proceeds beyond the “approved project” constitutes a breach of the loan agreement.
  3. The Orthodox Church Capital Improvement Fund is not insured by the FDIC. No state’s securities agency has recommended or endorsed an investment into or a loan issued by the Orthodox Church Capital Improvement Fund.
  4. OCCIF will determine the interest rate at the time the loan is approved. Prevailing interest rates can be used for budgeting and planning purposes only but no rate shall be set until an application is approved.
  5. The need for a loan should be anticipated well in advance. No applicant should sign any contract, lease or any other standard form of purchase agreement without having an approval in writing from OCCIF, where the use of OCCIF loan proceeds are expected as payment for such agreements. As each applicant is unique, so is the anticipated duration of time associated with OCCIF’s review process. Once an applicant has received an approval from their LOAN APPLICATION package, OCCIF will generate an anticipated timeframe for planning and review purposes.
  6. For any project with an estimated purchase price of $250,000.00 or more, the applicant, at their expense, must provide OCCIF with a professionally produced appraisal at the submission of the LOAN APPLICATION. The applicant should anticipate at least a 90 day preparation period for this exhibit.
  7. A non-refundable Application Fee of $1000.00 shall be submitted with each Loan Application to defray the costs associated with the administration and processing of all loan applications.
  8. Loan fees will be charged at the approval of an application and are based upon loan value, financial strength, and equity position of borrower. These fees shall carry between .5% to 1.0% of the loan value.
  9. For an application to be considered complete, a letter of support from your Hierarch must accompany the loan application.
  10. The definition of ‘Total Construction Cost’ includes all costs as listed on the line item, schedule of values, prepared by a licensed contractor approved to conduct the defined scope of work. It does not include associated soft costs which include, but is not limited to, governing agency approval fees, building permit fees, realtor fees, Architects and Engineers fees. It does not include costs associated with the purchase of furnishings, unless previously approved to do so.
  11. Project equity will be evaluated on a project by project basis. Real property, capital accounts and other forms of security may be required to qualify for a loan program.
  12. 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.
  13. Loans can only be made for the express purposes of:
    • a.The purchasing real property used for church use only;
    • b.The construction or renovation of real property for church use only;
    • c.The refinancing of first mortgage debt associated the church use only.
  14. OCCIF reserves the right to reject any LOAN APPLICATION submitted for consideration.
  15. OCCIF reserves the right to modify loan qualifications, loan applications, promotional information at any time.
  16. OCCIF can only grant loans, based upon available capital, and does not guarantee loan approval of otherwise qualified applicants due to limited reserves.

Application Process

The completion and submission of a Loan Application is required for any loan request made to OCCIF. This is the only method by which OCCIF can process any loan request. No other forms will be used in an evaluation process other than those developed by OCCIF. Additional information may be requested by the Loan Committee, based upon it’s initial review of the information contained in this application.  Written requests will be sent to the applicant from OCCIF, outlining the nature and detail of the additional information needed to complete it’s review.

Loan Application

The LOAN APPLICATION is designed to determine, based upon preliminary information, the general feasibility of the loan requested. Specific project data, anticipated timeframes, loan amounts and borrower’s preliminary financial profile will be reviewed to make this determination. A non-refundable, LOAN APPLICATION review fee will be required at the time of application submission. Please review your application package for completeness prior to its submission to OCCIF. (If submitted online, OCCIF will contact to setup the review fee.

If through this application process, the project is considered feasible, the applicant will be notified to continue towards the completion of a LOAN APPLICATION. A letter from your Hierarch, demonstrating His blessing to proceed with the application process must accompany the LOAN APPLICATION.

Should the application be approved, the applicant will be notified concerning loan closure requirements and procedures. Resulting documentation will determine closing schedules and funding.

Should the loan application be denied, OCCIF will notify the applicant, providing the reason(s) behind the denial along with suggestions or recommendations for future application considerations.

Incomplete application packages will be returned, but may be resubmitted, subject to additional review fees.