1. 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. 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. 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. 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. 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 at the FEASIBILITY level of the process and has submitted a complete LOAN APPLICATION package, OCCIF will generate an anticipated timeframe for planning and review purposes.
  6. 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 FEASIBILITY APPLICATION. The applicant should anticipate at least a 90 day preparation period for this exhibit.
  7. 7.A LOAN APPLICATION will not be accepted for review without having first received a written approval at the FEASIBILITY APPLICATION level.
  8. 8.Each application process will be subject to a $1000.00, non-refundable processing fee, to defray the costs associated with the administration and processing of all loan applications.
  9. 9.For an application to be considered complete, a letter of support from your Hierarch must accompany the feasibility application.
  10. 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. 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. 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. 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. 14.OCCIF reserves the right to reject any FEASIBILITY and LOAN APPLICATION submitted for consideration.
  15. 15.OCCIF reserves the right to modify loan qualifications, loan applications, promotional information at any time.
  16. 16.OCCIF can only grant loans, based upon available capital, and does not guarantee loan approval of otherwise qualified applicants due to limited reserves.