LOAN PRODUCTS

Fixed Payment Loan

 

The Fixed Payment Loan allows the customer to fix their monthly payment for the first ten years of the loan based on the initial interest rate and a 20-year amortization.

 
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Details

  • The interest rate may adjust annually, but the payment typically remains fixed at the original amount for at least the first ten years of the loan.

  • Should the fixed payment amount not be sufficient to cover the monthly interest accrual, the payment will adjust to this higher amount until such time the rates decrease and allow for a lower interest-only payment, or the original fixed payment amount once again.

  • The maturity date of the loan will be based on a 30-year term, although the loan will likely pay off sooner.

  • Beginning in year 11 of the loan, the monthly payment will be the higher of either a fully-amortized payment that will pay off the loan by the 30-year maturity date, or the original fixed payment amount.

  • The monthly loan payment will be adjusted each successive year in this manner until the loan is paid off. At no time will the loan payment be less than the original payment amount.

  • In the case of a construction loan, the borrower will make interest-only payments until the final loan draw is taken, at which time the fixed payment amount will be calculated based on the actual loan balance and the original interest rate communicated in the loan approval letter. The 30-year maturity date for the loan will be based on the time of the final loan draw.

  • No discount will be allowed for being an extension church or for obtaining first-owned worship property.

 

Loans are underwritten and funded by The Alliance Development Fund, Inc. (ADF), which conducts its operations, together with the operations of The Orchard Foundation, under the brand name Orchard Alliance; however, only ADF is responsible and liable for the lending operations of Orchard Alliance.

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Questions?

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