HOME... LOANS
LACE offers 3 different loan products.
An overview is below.
CLASSIC LOANS
- Maximum loan amount $2.0 million
- Secured by a 1st mortgage
- One-half of the loan amount may be expected to come from Loan Certificates or IRA Investment Certificates taken out by investors. (Dependent on current LACE liquidity)
[ REVIEW OUR INVESTMENTS SECTION FOR MORE INFORMATION ]
- Investors are usually congregation members, friends or even a congregation that would be willing to purchase a certificate and receive annual interest payments on the investments.
- 5 year balloon note with loan amortization of 20, 25 or 30 years. Rate reviewed every 5 years.
-
OR 10 year and 15 year fixed rate notes available.
CONSTRUCTION LOANS
This loan type is very similar to the "Classic Loan", but we provide funding as the project progresses. The monthly payments on a construction loan are interest only on the disbursed amounts until the construction is finalized, thereby reducing the overall interest cost during construction.
SMALL LOANS
- Maximum loan amount $65,000
- No certificate requirement
- Maximum term 7 years
TYPE |
TERM |
INITIAL RATE |
Classic
or construction |
5-year balloon note
( 20, 25 or 30 year amortization)
|
5.75% |
Fixed |
TERM
|
RATE |
|
10-year fixed rate note |
5.75% |
|
15-year fixed rate note |
5.75% |
Small Loan |
Up to 7 Years |
5.75% |
LACE Loan Application - Secured Loan (writeable)
LACE Borrowing Resolution (writeable)
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