The USA Church of the Nazarene Loan Fund offers three loan types for the purpose of purchasing real property, church buildings, or the construction, renovation, and repair of local church structures.

UCLF provides small mortgage loans ($400,000 maximum) for qualified Nazarene Churches. The three loan types include established churches, new churches, along with construction loans.

•  Established Churches – The Promissory Note will be amortized over 20 years. The initial rate locks in at closing and is ½ percent below the Prime Rate as published in the Wall Street Journal. The initial rate remains the same for three years, and then adjusts every year thereafter until the note balloons at the end of 7 years.

•  Special Rate for New Churches – The Promissory Note will be amortized over 20 years. The initial rate locks in at closing and is (1) percent below the Prime Rate as published in the Wall Street Journal. The initial rate remains the same for three years, and then adjusts every year thereafter (at ½ percent below Prime) until the note balloons at the end of 7 years.

•  Construction Loans – Either Established or New Church Loans can be used for construction or renovation. The full amount of the loan is approved at closing. The Church requests funds as needed during the construction phase. Generally a church will request a draw every 4 to 6 weeks with most projects taking less than 12 months. During construction, the church is billed on the first of each month just for the interest on the amount drawn to date. At the end of the construction period, when all the funds have been disbursed, the loan becomes a regular Established or New Church Loan and the church begins their regular monthly payments.