Our Loan Products
DevCo offers two primary loan products designed to meet the needs of churches at various stages of ministry and facility development: fixed payment loans and construction loans. Each loan is subject to credit approval by DevCo’s loan committee and must meet standard underwriting requirements.
Fixed Payment Loan
DevCo’s fixed payment loan enables churches to secure a consistent monthly payment amount for a specified term, based on current interest rates and featuring up to a 30-year amortization schedule. This product offers a fixed interest rate for a term of up to five years, with the option to refinance the remaining balance for an additional term, typically in five-year increments. While the loan is structured with up to a 30-year amortization, early payoff is common.
DevCo’s fixed payment loan enables churches to secure a consistent monthly payment amount for a specified term, based on current interest rates and featuring up to a 30-year amortization schedule. This product offers a fixed interest rate for a term of up to five years, with the option to refinance the remaining balance for an additional term, typically in five-year increments. While the loan is structured with up to a 30-year amortization, early payoff is common.
Construction Loan
For churches undertaking new construction or major renovation projects, DevCo provides a non-revolving construction loan typically structured as a one-year line of credit. This period may be extended, depending on the project’s timeline. During the construction phase, borrowers make interest-only payments. The full loan amount is drawn over time, and repayment terms are finalized once construction is completed, a certificate of occupancy is issued, or the final draw is taken, whichever occurs first. At that point, the loan converts into a fixed payment loan, with monthly payments calculated based on the final loan balance and the interest rate outlined in the original loan commitment letter, regardless of changes to prevailing market rates.
For churches undertaking new construction or major renovation projects, DevCo provides a non-revolving construction loan typically structured as a one-year line of credit. This period may be extended, depending on the project’s timeline. During the construction phase, borrowers make interest-only payments. The full loan amount is drawn over time, and repayment terms are finalized once construction is completed, a certificate of occupancy is issued, or the final draw is taken, whichever occurs first. At that point, the loan converts into a fixed payment loan, with monthly payments calculated based on the final loan balance and the interest rate outlined in the original loan commitment letter, regardless of changes to prevailing market rates.
Similar to the fixed payment loan, the construction loan offers up to a 30-year amortization period, commencing from the date of the final draw. However, loans are often paid off earlier.