With interest rates on the rise, many churches are concerned about how to save money. They want to consolidate debt and/or renovate before the next rate increase. There are churches all over the country that want to reorganize their debt. This act will save them money over the term of their loan. Griffin Church Loans is here to help them accomplish their goal.
Church Refinance to Consolidate Debt.
In Toledo, OH, we closed a church refinance to consolidate debt that was inherited from another failing church when they took possession of the building. They had taken some time to establish themselves in their new home. Then, they contacted us to help them refinance the debt. We lowered their interest rate by 2.5%. They will save thousands over the term of the loan. This will give them a strong financial footing to grow from going forward.
We also just closed a church refinance in Atlanta, GA. This particular church had a three-year capital campaign with one-year left. Their goal was to consolidate debt and make some much-needed repairs to their building. They made progress, but they knew that interest rates were climbing. They made the decision to refinance now and lock into a lower interest rate.
For another church with very high-interest rates, we closed a church refinance to consolidate their debt. They had loans with interest rates of 10% and 7%. They knew that they could save money by refinancing now. After the loan closed, their plan is to run a capital campaign to pay down their balance. We were able to lower these interest rates substantially, so they can reach their goal to be debt free much faster.
We also saved money for a church that came to us for a church refinance to consolidate debt. Their main goal was to pay down their debt faster. They also wanted to pull out some equity to repave their parking lot. We were able to refinance their loan, provide the cash, and lower their rate by 2% in the process.
Now maybe the right time for your church to re-evaluate its debt. Interest rates are still low enough to save money, but they are climbing. We suggest evaluating your needs for the next few years and if you foresee a need for financing, then start now. We make the process easy and fast, call800-710-6762 for a free, no cost evaluation.