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Borrowing From the Loan Fund

The Michigan Area Loan Fund provides Mortgage Loans and Promissory Notes to Michigan area United Methodist churches and Institutions at competitive rates. First Mortgage loans are available up to $1,500,000. and Promissory Notes are available for up to $100,000.
 

First Mortgage Loans

Promissory Note Loan

Loan applications are approved by the Board of Trustees of the Fund. Approval is normally completed in ten working days after the receipt of a completed loan application and fee.

For the ten-year, fifteen-year and twenty-year amortized mortgage loans, at the end of each five year period the remaining principal balance is due or a loan application for the remaining principal balance is to be submitted by the church to the Board of Trustees of the Fund for consideration. Approval is not automatic.

*Churches that have an investment/deposit equal to 50% of the Promissory Note Loan will be offered a discount of .25% (5.50%)

 

Qualifying For A Loan

Successful loan application share these common factors:

Getting Started

A commitment fee is required and will be refunded at the time of closing. To determine eligibility for a MALF First Mortgage Loan or Promissory Notes, we recommend that you first contact Wayne Barrett, Loan Officer, at (888)451-1929 or by using our online contact form.

 

Application Forms

First Mortgage Loan Application Form. This new form can be filled in on your computer and printed for mailing.

Promissory Note Application Form

 

 

 

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