Project Type: Consulting on Tax-Exempt and Taxable Construction Financing for Parishes in the Diocese
Client: Diocese of Belleville, IL
CFC Should be Engaged at the First Thought of a Financial Project
SITUATION: With five of their parishes contemplating building projects in the near future, the Diocese was aware they had both limited experience and funding to plan and administer a response to the need, so they engaged Catholic Finance Corporation.
CFC ROLE: The Diocese originally envisioned using larger banks and/or underwriters as a source for financial guidance and funding. The CFC engagement quickly transformed into a close working relationship with Diocesan leaders, one that produced a sound assessment of need, a set of financial options to consider, guidance in decision-making and planning and an innovative approach to negotiate terms and place tax-exempt and taxable loans with a smaller, local bank.
CLIENT REFLECTION: "This was our first time out for new construction in 20-25 years. We issued a Request for Proposal (RFP) to financial institutions for financing and an RFP to advisors to help analyze the proposals. CFC responded to the advisor RFP."
"What appealed to us is that they were affiliated with a Catholic institution . . . they were one of us. Also, their affiliation with the Archdiocese of Saint Paul and Minneapolis was a big plus. They really helped us by preventing us from running ahead of the process. They guided our assessment, planning, negotiating and decision-making. Had we hired them 6-12 months earlier we'd have been even better off. CFC should be engaged at the first thought of a financial project. They are experienced, professional, personable, very up front and very factual, all of which makes them very valuable to anyone embarking on a financial project."
"We decided to engage CFC to help us resolve our financial needs. They exceeded our greatest hopes. We only wish that we had engaged them sooner."
- Bill Knapp, CFO