Great News! We have been approved for a loan from Church Financial Resources and the Elders have agreed to go with this offer. The loan is for $90,000 after we place $80,000. It is a standard loan at a fixed 5.5% rate, which is really good for a land loan. Usually it is around 7-8% currently. It is a five year term with an amortization of 15 years. This makes our payment $735.38.
Church Financial Resources is out of Florida and they deal exclusively with church loans. They have had a strong record of success. You can invest with them if you like. They are currently offering 4% which is a lot better than your savings!
Although we have a loan commitment letter from them we have not finished the process of the loan. We need to be incorporated, an appraisal must be done, and the closing must be completed per the cup approval. So we still have work to do here. We are in the process of hiring a lawyer to help take care of the details.
Today (3/30) we also told our engineer to go ahead and start the CUP process. This is a process that will require approximately 6 months to accomplish. When the time comes there is a great way for you to help the CUP process be successful. Simply show up at the City Council meeting when we present it to them. This show of support will help it be successful. The best way to help is to pray. Keep praying earnestly and persistently.
One thing that I have done is starting to scope out the community of Chuckatuck; doing simple things like eating lunch at Jimmy’s, driving through and praying, making note of community events and such. In the future I plan on visiting businesses and other church leaders to see about the community and what needs they may have. Most of all I’m praying right now for God to open up a great ministry.
That is the update for now. I’ll keep you posted as we go. God has been so good!