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Avoiding Funding Pitfalls
As a Midwest leader in church lending, we can provide you with the benefits of our expertise in many areas, including environmental issues, appraisals, title issues and loan disbursement. Environmental Issues
Most lenders require a full Phase I environmental study for property taken as collateral for loans. Pinnacle Lending Group, LLC will try to save you both money and time, as we typically only require a Site Survey and Data Search. A Phase I study is not required unless the Data Search and Site Survey indicates a potential environmental hazard.
When purchasing real property, we recommend that you require the seller to provide a Phase 1 environmental study BEFORE you close the sale. In these instances, an ounce of prevention is worth a pound of cure Title Issues
Pinnacle Lending Group, LLC has developed strong relationships with national title insurance companies which provide our clients with superior service and discounted rates where available.
Should issues arise regarding the chain of title or liens, these experts can help resolve the problems quickly, so that funding deadlines can be met in a timely manner. Appraisals
As an expert in church lending, Pinnacle Lending Group, LLC rarely requires appraisals.
You should be aware that newly constructed churches can occasionally appraise for as little as 75% of their actual cost. Many banks, particularly those that do not specialize in lending to churches, restrict borrowing capacity based upon a loan-to-value limit. In addition, an appraisal requirement may delay the loan closing and add thousands of dollars to closing costs. Loan Disbursement
Pinnacle Lending Group, LLC generally allows churches to complete their construction project with minimal Bank supervision. We seldom require on-site draw inspections. Our streamlined processes save our borrowers time and money.
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