Mortgae without guarantor

[Daryl A.]

Hey All,

Can a Non-Profit organization get a mortgage without a guarantor.? Property/Facility is owned outright by organization. As per bylaws no member can hold financial indebtedness to organization or be guarantor. Only reason they want a mortgage is because they want to refinance and consolidate some loans they have. Debt is under $200K, and property is zoned as commercial building but can be rezoned as 2 lots. Appraised at $450K this year. Main reason to refinance is because the loan they have out the ambulances have interest rate of 31%. They are looking for a lower interest of 3.5-19% on a mortgage. They want bank to hold title, since there is so much equity. Organization is income producing and up to date with payments. Any help would be great in pointing me to the right direction. Thanks.