The purpose for Apostolic Mutual is to provide small loans to churches for remodel and repair work of their local church facilities at a low interest rate.
• Churches can apply for loans up to $ 200,000 or less
• The interest rate is at 4.5%.
• The loan term is for two to ten years upon the discretion of the Apostolic Mutual Committee
• Payments are due on the first day of each month
• Apostolic Mutual loan application
• 12 months of most recent bank statements for all accounts
• Previous year and year-to-year date financial reports. (2018/2019/2020)
• Copy of any loan or Mortgage Statements
• Brief description of Church’s Ministries and Services
• Brief description of Property being financed with interior and exterior pictures
• Local, District and Apostolic Assembly Resolutions approving the loan
• Copy of the current insurance policy if not already on file at Headquarters
• The Church must be compliant with the Tithes of Tithes.
• The Pastor must be compliant with the District and corporate responsibilities.
• Application Fee $100
• Documentation Starts at Closing Costs $700
• Loan Fees may vary depending on escrow and title and state but typically is approximately $1750-$2000
Review & Approval
• The required documentation must be received with the complete application
(incomplete information will delay the process)
• Financial Statements will be evaluated to verify the church’s ability to repay the loan
• Loan application will be reviewed by the Apostolic Mutual Committee
• The Apostolic Mutual Committee will determine if the loan is approved or denied
• Upon approval of the loan, a promissory note will be issued to the church for signature by the Pastor
• Once the note has been signed, funds will be available within 3 business days
Where to Apply
• The loan application and required documents can be sent to: email@example.com
Attention of Eddie Campa
5401 Citrus Ave. Fontana, CA 92336