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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 9 hours by:
3/9/2018
Lori
Lori, Lawyer
Category: Real Estate Law
Satisfied Customers: 2,111
Experience: Real Estate Attorney with over 25 years experience
Verified

Hello. Let me see if I can assist.

Generally, non-profits sign a promissory note and a mortgage on the property as collateral. Banks generally do not require a personal guaranty of anyone at the non-profit. Has your lender requested a personal guaranty?

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Customer reply replied 4 months ago
I'm sorry, but I was not clear. We do not own a property and have no collateral. I was wondering what the standard lending procedures are in that case regarding the structure of non-profits, if there are any. It seems to me that potential lenders look to the leadership structure of a non-profit as evidence of its strength. Thanks again.

Th​ank you for the clarification. Lenders do not necessarily require guarantees with non-profit loans. However, the lending requirements will be controlled by the financial strength of the unrestricted funds of the non-profit, the history and duration of the non-profit and the non-profit's willingness to agree to strict loan covenants and submission of regular financial statements to the lender. Yes, the leadership of the non-profit and the financial strength of that leadership is also taken into consideration.

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Customer reply replied 4 months ago
in other words, there are possible scenarios where a lender will examine individual financial statements, but not require anyone to personally sign papers? There are people on our board who are squirrely about having their name on a deed, although they are financially stable and their information would mean something to a lender.

Yes, that is correct. It pays to shop around to the various lenders.

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Customer reply replied 4 months ago
This was very helpful.

Glad to hear. Please be sure to take a moment and rate the question by clicking the 5-stars at the top of the question so I get credit for my work.

Lori
Lori, Lawyer
Category: Real Estate Law
Satisfied Customers: 2,111
Experience: Real Estate Attorney with over 25 years experience
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