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Many Evangelical Church Leaders are now having to "Walk by Faith"

Guest post by: Carl Moore

Article Overview: The growth of U.S. evangelical churches has been fueled by the increase in credit flowing to churches in the form of five-year commercial mortgages with minimal monthly payments. Now, delinquency rates have more than doubled since the end of 2007 and mortgage originations have slumped because of a decline in financing.

Many Evangelical Church Leaders are now having to "Walk by Faith"

The growth of U.S. evangelical churches has been fueled by the increase in credit flowing to churches in the form of five-year commercial mortgages with minimal monthly payments and lower initial costs than bond sales, the other widely used form of financing. Now, delinquency rates have more than doubled since the end of 2007 and mortgage originations have slumped because of a decline in financing. Commercial church mortgages are coming due with so-called balloon payments, replacement loans have disappeared and the highest unemployment rate in 26 years has cut congregant donations. About 145 churches have gone into bankruptcy since the credit crunch accelerated in 2008, causing an upheaval in a lending niche that bankers once ranked among the safest in real estate.

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Article Tags: church leaders, commercial mortgages, delinquency rates, evangelical church, faith, mortgage originations



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