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 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.