Griffin Helps Epicenter Church Buy $5M Sanctuary for $150,000
Griffin Capital Funding recently helped aEpicenter Church in Jackson, MS buy a building worth $5mm for $150,000 in less than 2 weeks. When opportunity knocks, Griffin Capital Funding can help churches make ownership dreams a reality.
Church Purchase | Epicenter Church in Jackson, MS
Recently, Griffin Capital Funding helped Epicenter Church in Jackson, MS with a church purchase. The church had an urgent request. They informed us that they had an incredible opportunity fall in their lap. A local bank in Jackson had foreclosed on another church in the community. The bank then offered to sell the building to the Epicenter for the balance owed on the building. Epicenter would be able to buy the building for a deeply discounted price. The building appraised for $5mm and was available for $150,000. There were a couple of complications standing in their way. They only had two weeks to close a loan to purchase the building, and thus the church did not have any money for a down payment.
How we handled….
With the bank’s church purchase offer expiring in 2 weeks, the church sought out our help.We knew that time was of the essence. Griffin Capital’s President, John Berardino got the team together, “We knew that if we could pull this off, we would change the financial position of the church overnight. God willing, we would make it happen.” While closing a loan in this amount of time seems impossible, it is achievable when everyone involved works together as a team.
The Pastor quickly provided his financial statements and all of the necessary documents to John. Then, John reviewed them and determined that they could afford the payment. Everyone knew that the clock was ticking for this church purchase. “We pulled out all of the stops. We financed 100% of the project cost,” John Berardino stated.
Thus, we closed their loan with one day to spare. Finally, the church is ecstatic, and they have moved into the building.
Whether your church is looking for a loan to purchase, refinance, renovate or construct a building, we want to help. For more information, please visit us or call 800.710.6762 to speak to one of our loan officers.