How to Plan Your Project
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
Bank of the West offers more than financing. We will generously support you with the expertise we've gleaned from decades of working with religious institutions like yours. We will assist you to successfully complete your project, whether it's a large-scale construction project or a refinance of existing debt. Below are a few items to consider when planning your project:
- The building committee should include individuals with varied business backgrounds, who can help implement the senior leader's vision.
- Lay leaders with professional experience in the following fields can prove invaluable to the successful implementation of the vision: real estate, architecture, property development, construction, law, accounting, finance, and other related professions.
- Check with the city planning and zoning department to confirm the site is zoned for use as a religious institution. If it is not zoned for a religious institution, confirm that you can receive a special use permit before you buy the property.
- Environmental liability attaches to the land. Therefore, require the seller to provide a recent environmental study.
- Consider the costs to develop the site - access to utilities, or city imposed improvements such as street widening, turning lanes, street lights, etc.
Preparing to Visit the Lender
Your lender will want to discuss the following:
- A summary of past financial performance.
- Are you planning a Capital Pledge Campaign? If so, what is your gross pledge target?
- Identify and balance the Sources & Uses worksheet. What is the total cost of the project, what will be your equity contribution and how much will you borrow?