Just recently Griffin was able to negotiate with a major bank to have $260,000 of debt forgiven for a church located in Philadelphia.
Fredericksburg, VA (PRWEB) July 02, 2014
Griffin is now offering hard money loans ranging in size from $50,000 to $2,000,000 on church and commercial properties.
Griffin Private Capital Group has increased its ability to fund hard money loan projects privately. The loans they choose to fund typically meet the following criteria: They are collateralized by commercial real estate, have a loan to value no greater than 60%, and the properties are located in an easily marketable area.
A typical borrower will be a church or commercial property owner that is in a turnaround situation or is being offered a discounted payoff from their current lender and would like to take advantage of that discount. A key difference for these types of borrowers is that Griffin Private’s underwriting guidelines are more liberal than any traditional banks. Griffin Private’s primary focus is the collateral for the loan and not the credit of the borrower. They are often able to help churches and other commercial borrowers that are close to or in bankruptcy.
Just recently Griffin was able to negotiate with a major bank to have $260,000 of debt forgiven for a church located in Philadelphia. Griffin then loaned the church $175,000 which was the remaining amount of money the religious organization needed to pay off the bank. Although the church had missed a couple of payments, Griffin was able to evaluate the current situation and found the church had strong financials. Griffin funded the loan through privately raised money when other lenders would not consider the loan.
Those interested in learning more about A paper financing for church properties can visit http://www.churchloans.net or call John Berardino at 540-736-7360 for more information. Those interested in learning more about Griffin Private Capital Group’s hard money loan program can visit http://www.statedcommercialloans.com or call John Berardino at the same number listed above.
About Griffin Capital Funding
Griffin Capital Funding has been serving churches for 15 years by providing church loans for the refinance, construction, renovation and purchase of almost any type of church building (churchloans.net). On average, Griffin provides over $100,000,000 a year in loans to churches. Griffin Capital Funding is one of the most well-known and respected church financing companies in the country. Griffin Capital Funding also offers loans to for-profit businesses through the SBA 7A and 504 loan programs as well as offering hard money loans.