Funding Your Project FAQ

You serve beyond the scope of a religious institution. We serve you beyond the scope of a bank.

Let our team help you with your project

What do I need to provide when I apply for a loan?

Refer to Pre-Qualifying for a Loan.

How long does it take to obtain financing?

You will receive a term sheet with a proposed loan structure shortly after we receive the information listed in the Pre-Qualifying for a Loan section. We can issue a commitment letter approximately 1-2 weeks after we receive your complete application package. Once the loan is formally approved, the closing process takes approximately 30 to 45 days.

Will a personal guaranty be required from any of our members?

No, we underwrite religious institution loans based on the strength of the congregation, not its individual members. We've been helping religious institutions grow for many years, and we know how to make sure they don't overburden themselves with debt.

How much can my religious institution borrow?

We can provide you with a no-cost, no-obligation Debt Capacity Analysis shortly after we receive the information listed in the Pre-Qualifying for a Loan section.

Does Bank of the West require the contractor to post a performance bond for the project?

We do not require a payment or performance bond from the contractor, which can be a substantial cost savings to your religious institution. The Bank will request a resume, references, and two years of financial statements from the contractor. If your religious institution would like to request a performance bond from the contractor, you are welcome to do so.

When can we start construction?

You can start construction when all your sources of funding are available, and your loan has closed. If you start the project prior to loan closing, the title insurance company may not be willing to provide the standard coverage that all lenders require.