Construction Financing & Mobilization: Step 9 in Church Building and Design Development

Oaster Facility Solutions
bradoaster.com
719 439 3019
Hi, I'm Brad Oaster and today were at Step 9 of our ten-step process on how to equip you to move your congregation from temporary facilities-at the Y.M.C.A., at a theater, at a local school, perhaps-out of that facility and into a permanent home or maybe you've just outgrown an existing facility and you need to expand that facility or even relocate it. We have a ten-step process on how to equip you to do that and today we're talking about number 9 which is our construction financing.
How do you go about getting that and then how do you know whether you're getting the best deal, and how do you set that all up?
There are a lot of different ways to go on finance projects. Most people, when they're looking at a construction loan, they just go the traditional route. So they go to the bank and say, "Hey, Mr. Banker, you know we need to borrow a bunch of money to build this building," and the bank will or will not sometimes give you a construction loan. You draw on that loan, you pay interest as you draw on it and at the end of it, they flip that into a long-term take-out loan otherwise known as a mortgage. Most of the church constructions projects in the United States today are probably done that way and they're done with the traditional banks. We actually helped set up the church loan division of Bank of the West way back around 1985.
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Oaster Facility Solutions
bradoaster.com
719 439 3019