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Home > Refinancing Debt
Benefits of Refinancing
Refinancings are a hot topic when interest rates are favorable, but also may be worth considering if your financial situation has changed since the time you incurred your debt.
CFC has provided help in a number of ways for parishes and schools seeking to refinance. In one case, we provided cash collateral to enable a parish to refinance all of their outstanding debt with their bank. In another case, CFC provided a direct loan to a parish so they could refinance school debt and still be able to proceed with a separate bank financing to construct a new church. CFC has also provided direct loans to three different parishes to enable them to refinance their outstanding loans for savings. In several cases, the Archdiocesan guarantee required on the old debt was released and not required on the new debt. In other cases, we have restructured the debt to provide for a specific repayment plan.
Remember, like any other financings, a refinancing requires a proxy from the Archdiocese. The Office of Administration and Finance considers the status of any outstanding payments to the Archdiocese (such as assessments, AMBP, general insurance and/or pension payments) before a proxy will be issued. Plan ahead and let us help you so that you can take advantage of any refinancing opportunities that await you!
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