Is The Solomon Foundation affiliated with any particular denomination?
We serve Independent Christian Churches and Churches of Christ within the Restoration Movement.
What does The Solomon Foundation do?
The Solomon Foundation is a financial organization that empowers ministry through the use of the dollars invested by individuals, congregations, schools, and organizations within the Restoration Movement churches and Churches of Christ. The Solomon Foundation assists ministries with loans and ministry support services that help leaders respond to growth and community needs, while also providing investors with excellent returns.
What makes The Solomon Foundation different from other church extension funds?
At The Solomon Foundation we understand that every situation is different. We are known for our willingness to partner with churches and generate creative financing options, which provide unique solutions based on the specific needs of every church.
In what states does The Solomon Foundation do business?
The Solomon Foundation is able to lend in all 50 states.
What types of loans do you offer?
What services do you provide?
When you first contact us, we will be glad to discuss your loan request with you, answer your questions, and identify the type of financing we can provide.
Once you have applied for a loan, we handle the details of assembling a professional loan package for presentation to our underwriter. We do a financial analysis of your organization and the property as a prequalification option. For full underwriting and approval we also look at the leadership and beliefs of the church. Once submitted we present all packages to the board for final approval. We arrange for appraisals and other required due diligence and follow through to loan closing.
As a borrower you want the loan application process to go smoothly, and you don’t want surprises. We try to anticipate problems and deal with them in advance, so your loan will be approved and closed in a timely manner.
We also have an in house construction servicing team that will assist with overseeing your project and funding all draws to you and the contractor.
How long does the loan process usually take?
Assuming that the church has made a decision to proceed and has delivered all the key documents needed to underwrite the loan and prepare the loan package, 30-90 days would be the typical range. Call our Loan Servicing Department at 855-873-5873 if you have a unique situation that requires a shorter turn-around time. We are happy to discuss your specific needs and determine whether or not it is possible to accommodate them.
Are there any upfront fees I will be required to pay in order to borrow from The Solomon Foundation?
The Solomon Foundation does not charge application fees or processing fees. Once you sign your commitment letter, we collect a deposit to be credited to your reserve account upon closing. The reserve account is between three and six months worth of your loan payment put into an interest-bearing Demand Account (number of months decided during underwriting process).
Will you accept an existing appraisal?
Possibly, if the appraisal was completed within the last twelve months, we encourage you to send it in for review. We try to keep borrower costs to a minimum and will typically accept a current appraisal of good quality.
Who is responsible for organizing the closing?
We handle all the details for your closing. If there is a title company you prefer to work with, we can schedule your closing with them. However, we do prefer to use title companies with whom we currently have a working relationship.
What if the title is already in process?
We will work closely with them and with you to help ensure there are no problems.
How does the appraisal process work?
After we receive a signed Letter of Intent from the church, we order an appraisal from our preferred company. Because of the volume of appraisal assignments ordered by us, we are able to command favorable pricing and turnaround times. Once we receive the estimated appraisal fees, we will engage the appraiser and they will contact you for a meeting and more information. The appraisal generally takes about 4 weeks to complete.
Is there a penalty if I pay off a loan before its term?
We encourage our churches to become debt free and we offer debt reduction plans on the majority of our loans to assist them in doing so. The only instance where a prepayment penalty will be assessed is if you choose to pay off your TSF loan with financing from another lender prior to maturity.
If I am approved for a loan, how do I make my mortgage payment?
At The Solomon Foundation our goal is to make your lending experience easy and enjoyable. We will automatically withdraw your mortgage payment via ACH (Automatic Clearing House) so you won’t need to mail a check or initiate a wire. This ensures an on time payment in a secure manner with no fees. The payments are immediately credited to your account, allowing you to view real time account balances, statements and interest adjustments through our Online Access, making accounting a breeze!
Does The Solomon Foundation assist with Construction Management on building and improvement projects?
Yes, The Solomon Foundation will assist you from start to finish. With our highly experienced staff, we are able to easily come alongside you in this sometimes confusing process. Our services include participation in design, budgeting, architect and general contractor selection, construction and closeout. This service is not in lieu of a contractor or church contracting representative, but we are a liason between you and your contractor.
Do I have to build a new building in order to qualify for a Construction Loan with The Solomon Foundation?
You do not. The Solomon Foundation partners with churches to explore options that could include remodeling or adding to your current church building, renovating an existing commercial facility to suit the church’s purpose or acquiring land for a new building. We take the time to discuss your needs and come up with creative options for your growing organization.
What qualities does The Solomon Foundation encourage the church to look for when selecting a General Contractor?
At The Solomon Foundation we feel choosing the correct team is essential for a successful construction project. Our representatives will assist the church in finding and interviewing contractors if requested. There are several things to consider when interviewing a General Contractor: Is the church familiar with the contractor and their work? Is there a willingness to work with a church? Is there a willingness to bring subcontractors in to work with a church? Is the firm financially stable? The Solomon Foundation runs a detailed background check on the General Contractor of choice to assist with this process and ensure that the church’s interests are protected and safe.
How do I know how much space we need?
During the design phase, our team will meet with you and the leadership to discuss all of the determining factors to keep you within a reasonable budget. Things to start considering ahead of time are: How many seats would you like in your Worship Center? How many services would you like to hold on a weekly basis? Is there an adequate amount of supporting children’s space.
What is the most cost effective approach to a project?
The Solomon Foundation believes the best way to capture both design and construction cost breaks is to hire a design-build firm. This would be a firm that deals with the design and construction under one umbrella. It is also important to maintain a geographically friendly approach. Look to hire an architect / General Contractor that is based as close to your project as possible. This ensures that the entities have relationships with consultants, engineers and subcontractors that are also geographically friendly.