An authorized representative of the church/borrowing entity completes and signs the loan application
Church representatives prepare and attach items listed in Section A of the loan application
The loan application is forwarded to the Presbytery for approval.
(if time is a factor, application could be submitted concurrently to ILP)
The Presbytery forwards the signed loan application to the Presbyterian Investment and Loan Program (ILP)
The loan team of ILP starts the underwriting process, contacting the designated representative listed on the loan application with questions and clarification is necessary
Church representatives start gathering Articles of Incorporation and Bylaws for the church
Church representatives schedule a congregational and corporate meeting to approve the loan. This will occur after loan approval. (Language for the resolutions must be approved prior to loan closing)
Once the underwriting is completed, the application is presented to the applicable committees for approval
Once approved, a commitment letter is sent to the church for their review and consent of loan terms. The loan application process is complete, and loan processing commences. The congregation will now hold the congregational/corporate meetings to approve the loan and submit the Articles of Incorporation and Bylaws of the Church. Various other documentation will be required based on the type of loan. All documentation is approved, and the loan is closed (mortgage recorded)
Work starts on the project!