Should your church choose CDF Capital?
We score every church lender on the same seven underwriting factors lenders themselves use. Here's the short answer first.
70+
Years lending
$1.5B+
Cumulative loans funded
1K+
Loans across all years
All 50
States covered
The take
For Christian Churches and Churches of Christ congregations, CDF Capital is the longest-tenured option in the niche.
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.
The detail
Where CDF Capitalwins, and where it doesn't
What works
The original Restoration Movement extension fund
CDF Capital was founded in 1953 as Churches of Christ Building and Loan Fund. That predates Solomon Foundation by 57 years. The institutional history through multiple cycles is real and accrues to current borrowers as conservative underwriting and patient capital.
Generous loan covenants by design
CDF positions itself around generous covenant terms rather than the lowest possible rate. For a church that wants flexibility around financial reporting and operational metrics during the loan, that trade is meaningful.
Five regional reps cover all 50 states
California, Pacific Northwest, Mountain West, Midwest, Northeast, and South each have a dedicated relationship person. National coverage with regional accountability beats a single national 800-number for relationship continuity.
Construction converts to permanent at no extra cost
Construction loans roll into the permanent mortgage at completion without a separate closing or fees. That removes a real cost most lenders charge for the second close.
What to weigh
Best fit only inside the Restoration Movement
CDF Capital lends to Christian Churches and Churches of Christ. Other denominations should compare denomination-aligned alternatives first; the structural advantages here accrue to congregations within the Stone-Campbell tradition.
Short fixed-rate windows
CDF typically writes 3 to 5 year fixed-rate loans with a 25-year amortization. The rate refixes at the next term. That is standard for an extension fund but worth understanding before you commit.
Loan and rate specifics are not published
Maximum LTV, minimum DSCR, time to close, minimum and maximum loan size, and rate ranges are all by inquiry. CDF acknowledges they are not always the lowest rate; you have to apply to learn the specifics.
Direct competition with Solomon Foundation
Both lenders serve the Restoration Movement. CDF has 57 more years of history; Solomon is fast-growing, ECFA accredited, and has no application fees. For most Restoration Movement churches, both belong on the shortlist and the choice comes down to specific terms.
Eligibility
Is your church the right shape for CDF Capital?
Best for
- Christian Churches / Churches of Christ congregations
- Churches that value generous covenant terms
- Construction projects converting to permanent mortgages
- Borrowers who want a long-track-record lender
Look elsewhere if
- Churches outside the Restoration Movement
- Borrowers needing fully published rate transparency
- Churches that want a 25-year fixed rate (CDF refixes every 3 to 5 years)
- Borrowers seeking the absolute lowest rate above all else
vs. The market
How CDF Capital stacks up
Compared against typical commercial-bank terms for church loans of similar size.
Years lending
CCSince 1953
Typical20 to 50 yrs
Better
Geographic coverage
CCAll 50 states
TypicalRegional
Better
Construction-to-perm
CCSingle conversion
TypicalTwo closings
Better
Rate fixed window
CC3 to 5 yrs
Typical5 to 10 yrs
Slower
Amortization
CCUp to 25 yrs
Typical20 to 25 yrs
Even
Held in-house
CCYes, portfolio
TypicalOften sold off
Better
Loan products
What CDF Capital actually lends on
Building purchase
First-mortgage loans for acquiring an existing church property. The most common entry point for new CDF borrowers.
Construction financing
Construction loans that convert to a permanent mortgage at completion with no additional closing or fees. Includes a 12 to 18 month interest-only period during the build.
Refinance
Refinance an existing church mortgage into a CDF loan. Useful for Restoration Movement churches currently with a commercial bank or higher-rate lender.
Investor certificates
On the investor side, CDF offers fixed-yield certificates from 1.25% to 4.10% APY. Capital from these funds the church loan portfolio. Not FDIC insured.
What to expect
The CDF Capital application timeline
- 1Step 1
Inquiry
Initial conversation with a regional rep about the project, congregation, and rough financials.
- 2Step 2
Application
Full submission of financials, governance docs, project details, and Restoration Movement affiliation confirmation.
- 3Step 3
Underwriting
Credit review, appraisal for real estate deals, site visit for construction projects.
- 4Step 4
Term sheet & legal
Term sheet issued, legal review, title work, loan documents drafted.
- 5Step 5
Close & fund
Final approvals and closing. Construction loans fund per draw schedule and convert to permanent at completion.
FAQs
What pastors ask us about CDF Capital
Do I have to be a Christian Church or Church of Christ to apply?
CDF Capital lends to Christian Churches and Churches of Christ within the Restoration Movement. Other denominations should look at denomination-aligned extension funds first.
How does CDF Capital differ from Solomon Foundation?
Both serve the Restoration Movement. CDF was founded in 1953 (Solomon in 2010), so CDF has more institutional history. Solomon is ECFA accredited, has no application fees, and grew faster recently. For most churches in the movement, both belong on the shortlist and the right choice depends on the specific terms each offers your project.
Why are CDF's loans only 3 to 5 year fixed?
Most extension funds offer shorter fixed-rate windows than commercial banks because their capital structure is built around investor certificates that mature on similar windows. The loan amortizes over 25 years; the rate refixes at the end of the 3 or 5 year window.
What rates can I expect?
CDF Capital does not publish a public rate sheet. Their own materials acknowledge they are not always the lowest rate; the value proposition is generous covenants and patient capital rather than rock-bottom pricing. The only way to know your actual rate is to apply.
Is CDF Capital ECFA accredited?
CDF Capital does not appear in the ECFA member directory at the time of this review. Solomon Foundation, the main competitor in the Restoration Movement, is ECFA accredited. This is a difference worth weighing if third-party financial governance accreditation matters to your church.
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