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I have questions about how a small religious non-profit can…

I have questions about...

I have questions about how a small religious non-profit can buy property. If we are approved for a mortgage, who is required to be a guarantor? Is more than one person possible, and does everyone have to be on the board of directors? Thanks.

Lawyer's Assistant: Can you tell me where the nonprofit is registered?

We are registered in Oregon.

Lawyer's Assistant: Has anything been filed or reported?

As far as income? We have been a 501(c)(3) corporation for eight years now.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

I can't think of anything.

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Answered in 15 minutes by:
3/10/2018
Attorney Wendy
Category: Legal
Satisfied Customers: 1,192
Experience: Member at Keefer & Keefer LLC
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Hello. My name is ***** ***** I am an attorney. I am working on responding to your questions and should have that information to you shortly.

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Non-profit organizations are able to buy property like other entities. The guarantors who will be required will be something the lender determines. There is no legal rule specifying who must guarantee such a loan. The lender will likely request personal backing from whatever and how many individuals the lender deems are necessary to feel confident the mortgage loan will be repaid. It may be all members of the board of directors, which is common, or only some. Financial information about the non-profit and about the individuals involved will likely be requested in order for the loan to be reviewed and approved. It is also important that the non-profit follow all necessary corporate steps to purchase the property and undertake the loan, such as Board of Director approval of contract to purchase, the loan documents, and ultimately approval of the final closing documents prior to signing should be done. I hope this helps.

If you need anything further, please reply to this email. If I answered your questions and provided excellent service, I would greatly appreciate your 5 star rating at this time.

​Please note: This information is ​for educational purposes only and is not legal advice. No course of action is being proposed and no attorney-client relationship or privilege has been formed as a result of this conversation.

Attorney Wendy
Category: Legal
Satisfied Customers: 1,192
Experience: Member at Keefer & Keefer LLC
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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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