LOAN PRODUCTS

Small Unsecured (SUN) Loan

 

The SUN Loan provides borrowers with an unsecured and more streamlined financing option for borrow amounts up to $100,000.

 
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Details

  • Borrower must be accredited with The Alliance.

  • Loan funds must be used for real property-related purposes, to include external refinances, purchases, construction, FF&E, soft costs, etc.

  • SUN loans may not exceed $100,000.

  • Terms may range in one-year increments from five years to ten years.

  • Interest rates are determined as follows:

    • Annually adjustable and set by Orchard Alliance administration

    • Not eligible for the extension/first-worship-property rate discount

  • There is no prepayment penalty.

  • Borrower may have no more than one SUN loan at a time.

  • Borrower may take on a SUN loan if they currently have a secured loan, subject to the following:

    • Monthly payment on the SUN loan must be made prior to monthly payment on the secured loan.

    • The SUN loan cannot be used to cover construction cost increases on a project currently funded by an Orchard Alliance loan.

  • Borrower’s property may not be encumbered by an existing lien from another lender.

  • Encumbrance of borrower’s property subsequent to SUN loan approval will constitute an act of default on the SUN loan.

  • All funds are to be disbursed in a lump sum after receipt of signed loan documents. Borrowing increases involving a SUN loan must conform to the following standards:

    • The balance of a SUN loan may be increased but may never exceed $100,000.

    • Any existing secured loan may not be refinanced into a SUN loan.

 

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?

Send us your SUN Loan questions

 
 
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