Property Update

Chris Eason writes with an update on the Dow Road property extension. As you may remember, it was put up for sale at $525,000; our team negotiated its purchase for $475,000. A year later, local property values continue to increase astronomically.

You may have heard that another exciting chapter in our church’s history has been written. As you know, our church purchased the property adjacent to the parking lot behind the church earlier this year. The church put some money down to keep the bank payments as low as possible.

A couple months later, the manse was sold, and session approved applying the entire proceeds from the sale toward the loan. After the down payment, a few months of regular payments, and the sale of the manse, the church owed approximately $194,000.

The bank loan was carrying a fixed rate of 5% with a five-year balloon. This was an outstanding interest rate for a commercial loan; however, at the end of the five-year term, our rate was likely to increase.

In an act of incredible generosity, two church members approached the Budget & Finance Committee with a proposal, offering a personal loan for the remaining balance on the loan at only 4%.

Their wish is that we keep paying the same amount per month as we did to First Citizens Bank. This will help tremendously in two ways: One, the Deed of Trust on the church and its property will be free and clear, and in our hands in a few weeks. And two, if we make the minimal payment every month, the loan will be paid by June 18, 2011. We will have this loan paid in full in less than six and a half years, as opposed to twenty to thirty years.

Let us be thankful for God’s grace poured out on this church, and for all God has given us to fulfill our mission.