We have given our offer on the full price of the $170,000. We plan on financing the land by paying half down and financing the rest.
The owner of the property has received the offer and accepted it but has not signed the contract yet because he wants a letter from our lender that we qualify for the loan. This is not as simple as it sounds.
When I was looking for a home I went to a lender and they looked at my credit history and income and said I prequalified for this amount of money for a home. It doesn’t work that way when you are a church. In this case the lenders want to look at your attendance records and offering totals for the past three years, your debts, among other factors. The percentage rate on the loan is not based on the prime rate but on the amount of risk they believe they are making with you. Of course all of this takes time. The elders have decided to make sure they have loan before they proceed with the Conditional Use Permit. See an earlier post explaining that.
The good news is the owner is not in a hurry being that he has leased the land until October. So that gives us some breathing room in accomplishing everything that needs to be done.
After buying the land then we need to look into building the building. If we don’t want the CUP permit to expire we have two years to get this started. This would mean starting a fundraising campaign for the building. How we can do that we do not know yet. Right now our focus is on purchasing the land.
What a great way to spend our 10th year as a church! God is blessing us in mighty ways. Keep on praying and we’ll see even more amazing things!