[NickHubbard]

Hey

This might be a long shot but I wanted to see if any lenders can make this happen before going the construction loan route via church financing. They are looking for $800k for renovations to sanctuary & cafeteria. Estimated Monthly Revenue is $29,693.75. The church started in 1999. Church Value is $1,473,000 and they have a recent appraisal. Balance on the mortgage is $12k, so they have over $1M in equity in the building. Wondering if we can use the church as collateral. Is there any lender who would be interested in this?

[Triton]

Good luck but most lenders do not want to work with nonprofits. Especially churches. What lender would want to come in and close the doors of a church for default?

[dailyPLUNDR]

I recommend looking at WBL

[dailyPLUNDR]

They've used a church as collateral before on one of my deals.

[rick_clsfunding]

http://www.churchlendersdirectory.com/resources.html

[dpFund]

You may want to look at Griffin (they specialize in church funding).

[nrh1lp]

Is this merchant based in FL? Had a very similar deal a while back

[NickHubbard]

Is this merchant based in FL? Had a very similar deal a while back

Nope

[RichardGerard]

Regarding Dan's suggestion to speak to Griffon : If the Financials do not substantiate the debt service they cannot help. What you need is someone that can do a stated income loan if that is the challenge.

We have 2 Partners that like that level of risk. As nobody ever wants to evict a house of worship in the event of a default, the pricing is reflective.

If you would like some assistance please feel free to touch base.

Richard 516 510 3855

www.businesscapitalconsultants.co

775 Park Avenue Suite 255
Huntington, NY 11743

[NickHubbard]

http://www.churchlendersdirectory.com/resources.html

Thanks

[golf2014]

Advocate going to richard...I had a previous deal months back regarding a church.