All lending arrangements for church purposes are to be done through the CIBC Credit Agreement with the national office. Prior approval must be obtained from the national office.
Loans through CIBC are revolving demand loans and are charged floating interest at prime rate on declining balance. These are not mortgage accounts and are not subject to penalties for lump sums or early payout. Restructuring of loans at the request of the church will be subject to a transaction fee charged by the bank and will be billed to the church.