Thank you for considering going the extra mile! God can use you to help us secure our home!
The bank is willing to loan us $2,050,000 to purchase the old BiLo property and build it out so that we can move in!
Here’s what they need from us:
$400,000 cash down - we have it!
$500,000 in guarantors and collateral
By adding guarantors to this deal and securing collateral, we immediately position newgrace to go before the bank board and gain approval.
If you would like to go the extra mile, here are the instructions :
If you are interested in using land or property that God has blessed you with as collateral, please send an email to firstname.lastname@example.org and tell him you would like to inquire about providing collateral for newgrace.
A guarantor on the loan secures more buying power for the church.
A guarantor would be needed 2-3 years depending on the bank's opinion of the recent/current giving trends in the church.
The guarantors are only responsible for payments in the event the church goes into default.
Or responsible for paying off the balance of the loan after selling if full amount was not reached.
We can have as many guarantors as needed. Sufficient amount would be determined by the bank as the guarantors and their “additional buying power” are qualified by the bank.
Being a guarantor on the loan does not affect your personal credit.
Land and property owned by individual members can be used as collateral, and thus generate added buying power and move the church to a stronger cash position with the bank. The property must be owned with no liens against it to qualify as collateral.