A church recently contacted us about refinancing a loan they had taken with a local bank less than 2 years ago. They were unhappy with the interest rate and the level of service they were receiving from the bank. As we reviewed the loan, we discovered that it contained a significant pre-payment penalty which essentially prevented the church from refinancing during the 20-year term! Please know that DevCo never puts a pre-payment penalty in any of our loans. In fact, we encourage and assist churches in capital campaigns to generate funds to pay off of loans as quickly as possible. Before committing to a loan with another financial institution, talk to DevCo. We’re Methodists, here to help fellow Methodists.