Results 1 to 11 of 11
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03-04-2016, 01:51 PM #1
Church Needing $800k for Renovations!!
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?Nick Hubbard
Senior Loan Advisor
314-252-0299 - Office
314-885-2262 - Direct
nick@elitefactoring.com
www.elitefactoring.com
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03-04-2016, 02:48 PM #2
- Join Date
- Apr 2015
- Posts
- 297
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?
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03-04-2016, 02:54 PM #3
- Join Date
- Sep 2015
- Posts
- 36
I recommend looking at WBL
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03-04-2016, 02:54 PM #4
- Join Date
- Sep 2015
- Posts
- 36
They've used a church as collateral before on one of my deals.
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03-04-2016, 02:55 PM #5
- Join Date
- May 2015
- Location
- NC
- Posts
- 208
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03-04-2016, 03:09 PM #6
- Join Date
- Aug 2015
- Location
- Boulder, CO
- Posts
- 755
You may want to look at Griffin (they specialize in church funding).
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03-04-2016, 03:15 PM #7
- Join Date
- Jan 2016
- Posts
- 435
Is this merchant based in FL? Had a very similar deal a while back
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03-04-2016, 03:22 PM #8Nick Hubbard
Senior Loan Advisor
314-252-0299 - Office
314-885-2262 - Direct
nick@elitefactoring.com
www.elitefactoring.com
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03-04-2016, 03:57 PM #9
- Join Date
- Dec 2014
- Location
- Quogue, NY
- Posts
- 1,108
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
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03-04-2016, 04:54 PM #10Nick Hubbard
Senior Loan Advisor
314-252-0299 - Office
314-885-2262 - Direct
nick@elitefactoring.com
www.elitefactoring.com
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03-06-2016, 04:53 PM #11
- Join Date
- Apr 2014
- Posts
- 781
Advocate going to richard...I had a previous deal months back regarding a church.
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