“The stronger a church is, the better the rates and terms. We have excellent rates and term for churches with good credit, but we also offer loans to churches that are facing financial difficulty.”
Fredericksburg, VA (PRWEB)
September 16, 2017
Griffin Capital Funding has been a nationwide leader in church financing for more than 17 years. Griffin has provided over $1 Billion in loans to churches across the country. Their motto is: “Tell them honestly, charge them fairly, and close them quickly.” They make church financing easy for churches of all sizes and credit. “The stronger a church is, the better the rates and terms. We have excellent rates and term for churches with good credit, but we also offer loans to churches that are facing financial difficulty,” stated John Berardino, President of Griffin Capital Funding.
Keeping with their mission to try and help every church, Griffin Capital Funding created a private money fund to help churches in financial trouble. Churches that have fallen on hard times, facing foreclosure, bankruptcy and other serious issues often have nowhere to turn and lose their buildings. They have created a church loan fund to provide interest only loans to help these churches get back on their feet.
Griffin Capital Funding’s most recent private money loan was to help a church in Miami Gardens, FL. The church was facing bankruptcy after they had failed to pay property taxes on several pieces of property that they owned. The properties had tenants and were not utilized by the church. The church should have paid property taxes but did not. By the time that the city discovered the error, the back taxes, penalties, and fees were several hundred thousand dollars. As a result, the church sold one of their properties to pay the taxes. Unfortunately, the property sold for less than what was owed for the taxes and the remaining mortgage on the property. The lender took the deficiency and placed it against the sanctuary. Then, the lender called the loan due for violating loan covenants.
The church attempted for over 6 months to find a new lender but no one was willing to finance a loan for them. Their research eventually led them to Griffin Capital Funding, and they were able to issue a 3-year interest only loan. The church is safe…