Should your church choose CDF Capital?

CDF Capital was founded in 1953 as the Churches of Christ Building and Loan Fund. The institution renamed to Church Development Fund in 1972 and rebranded again to CDF Capital in 2016, but the underlying mission has been continuous for more than seventy years: lend to Christian Churches and Churches of Christ in the Restoration Movement tradition. As of recent disclosures, the fund has deployed roughly $1.5 billion in cumulative lending across more than a thousand loans, with total assets of about $600 million. That makes CDF the longest-tenured lender in the Restoration Movement and the most natural starting point for any congregation in the Stone-Campbell tradition.

The capital base is structured the way most extension funds are. CDF raises capital from investors through fixed-yield certificates (currently 1.25 to 4.10 percent APY depending on term) and lends those funds back out to churches in the same movement. The closed loop is the source of the fund's biggest competitive advantage: patient capital that does not depend on commercial-bank lending appetite or capital-markets conditions. CDF acknowledges that they are not always the lowest-rate option. Their positioning is around generous loan covenants and a long-term lending relationship rather than rock-bottom pricing.

The product set is focused. Building purchase loans, construction financing that converts to permanent at the same closing without additional fees, and refinances of existing church mortgages. CDF's typical structure is a 3 to 5 year fixed-rate window with amortization out to 25 years. The rate refixes at the end of each window, which is standard for an extension fund but worth understanding before signing. National coverage runs through five regional representatives covering California, Pacific Northwest, Mountain West, Midwest, Northeast, and South.

The trade-offs are visible mostly when comparing CDF to its main Restoration Movement competitor, Solomon Foundation. CDF is older (1953 vs 2010) and has the longer institutional history. Solomon is faster-growing in recent years, ECFA accredited (CDF does not appear in the ECFA member directory), and has a no-application-fees policy. Both belong on the shortlist for any Restoration Movement church considering financing, and the right answer depends on the specific terms each fund offers a given project. Underwriting specifics outside of term length (maximum LTV, minimum DSCR, time to close, minimum and maximum loan size, exact rate range) are not published on the CDF site. The only way to learn your actual terms is to start an inquiry with the regional rep covering your state.

Our recommendation, in one sentence: shortlist CDF Capital alongside Solomon Foundation if your church is part of the Restoration Movement, and make the choice based on the specific terms each offers your project. Run the ChurchLend readiness assessment first so you walk into the conversation already understanding the seven factors any extension fund will weigh.