OUR LENDING DISTINCTIVES
What sets DevCo apart from other lenders?
- Spiritual health – We are concerned about the spiritual health of local church ministry (not just financial health). Our desire is to equip local church leaders to understand how to serve their community through strategic planning and missional engagement.
- We’re “family” – DevCo will only make loans to United Methodist churches and related entities, and the money used to fund these loans comes only from United Methodist churches, related ministries, members and family or friends. We understand what makes you tick – we share your “heartbeat.” Our goal is ‘Methodist Helping Methodists impact Virginia for Christ.’
- Kingdom priorities – Our priorities in lending reflect the denomination’s passion for church planting and ministry expansion. While commercial banks may offer less favorable loan terms to new and small churches because of the perceived risk, DevCo assists startup churches and those purchasing their first worship property with its most favorable terms.
- We’ll be there for you – To most commercial banks, you are nothing more than a source of revenue. If your ministry falls on hard times, a bank will do whatever is necessary to protect its investment. At DevCo, we have a fiduciary responsibility to protect our investors’ money, which funds church loans, but we also have a strong desire to see local churches fulfill their God-given mission. Therefore, we go the extra mile to help churches make it through difficult times.
- Financial savings – DevCo charges no loan fees* to initiate a loan. Furthermore, we rarely require a commercial appraisal to be ordered, resulting in significant savings. And, of course, our desire is always to provide the lowest interest rates that we possibly can. DevCo’s rates are competitive and, in some cases, may be much lower than what commercial banks could offer.
- You’re more than a customer – We consider ourselves your partners in ministry. Our staff takes a personal interest in the ministries of the churches we serve. In fact, our staff regularly prays for our churches.
* While DevCo does not charge any set-up or origination fees, there are costs associated with loan closings such as title insurance, recording fees, mortgage taxes, etc. You should contact a local attorney or title insurance company to estimate these fees.