Lenders Refusing to Renew Loans | Griffin Capital’s Success
Lenders Refusing to Renew Loans
Churches whose ‘lenders refusing to renew loans’ are coming to Griffin Capital Funding. We provide a loan and put the church in a better financial position in the process.
Many churches are finding themselves in a similar but unsettling situation. Their current lender will not renew their mortgage. They are facing impending church loan balloons with no options and often times without much time to find a new lender. After their initial panic wears off, these churches are coming to Griffin Capital Funding for help.
Church Loan Balloons- Success of Griffin Capital Funding
Griffin Capital Funding recently closed a loan for a mega-church. The church received notice from their lender that they were not going to renew their loan. The lender gave the church 30 days to pay off their $6.9mm loan. If the church could not pay off the loan when it came due, they were being threatened with foreclosure. John Berardino was able to close the loan in 3 weeks while reducing the interest rate they were paying to their prior lender and increasing the amortization to 25 years. The church is thrilled with the savings and happy to be away from the prior lender.
Another church was facing the same scenario. Their bank was sold and the new bank did not make church loans. Furthermore, the church was selling a piece of their land to fund the expansion of their daycare and the new bank was not allowing the church to keep any of the proceeds of the sale for their expansion. Instead, the bank informed the church that they must apply all of the proceeds from the sale to pay down their loan balance. They came to Griffin Capital for a solution. Later, we closed a loan that allowed them to refinance and keep the proceeds from their sale to bring their expansion to life.
If your church is facing an upcoming loan renewal, be sure that your lender will allow you to renew your loan. Don’t wait until you find yourself in a time crunch to find a new loan. Call Griffin Capital, and see what we can offer.