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FMCIC Church Loan/Mortgage Application Checklist

  1. Letter to FMCIC explaining:
    • The Proposed Plan
    • How much is expected to be funded with donations/cash on hand
    • How much is expected to be needed from debt financing
    • That firm quotations are in place to perform the work
  2. Last 2 years of Audited Financial Statements
  3. Current Year-to-Date Financial Statements
  4. Completed Application to Mortgage Property of The Free Methodist Church (Mortgage Program only)
  5. Board of Administration (BOA) Management Committee Approval (Please allow 2 weeks for BOA review/approval)
  6. FMCIC Legal Counsel to arrange 1st charge to be placed on the property in consultation with local church legal counsel (Mortgage Program only)
  7. Pre-authorized debit payments arranged for monthly principle + interest payments on debt