Lenders wanted

NY, Churches, Refinance, $3M, FICO, 85% LTV
Posted on 2/23/2014 3:49:20 PM

Applicant Rehoboth Open Bible Church, Inc.
Loan Amt. $3,000,000
Purpose. (1)To retire existing mortgage of $1,195,000 .
(2) Refurbish existing 18,000 sq. ft. Building to house a sanctuary or up to 750 worshipers, a performing arts center and a child day care center.
Terms. 3.75% fixed for 25-30 years.
Collateral. Subject property located at 888 East 56th. St., Brooklyn, NY. 11234, current as is appraisal $3, 850,000. After repair value $4,850,000.
Exit Strategy. Potential increase in plate income as a result of additional seating capacity
History The senior pastor is Rev. Leroy Spencer, a credentialed minister of The Open Bible Church of Iowa and a graduate of Level 1 Institute Bible College. He has been serving this ministry for the past 30 years.

REPLIES
  • by Sabrina Blair, President on 3/28/2014 9:51:17 AM

    How are you. Presently we are working on a completing a Pentecostal Church in Bayonne, NJ they are adding a Bible study school for the children. If you need the money quickly we can get you a rehab loan up to 80Ltv for 2-3 yrs no prepayment penalty 12-13% interest only. Funding as soon as 10-14 business days. I have more than one option that will work for you. I am based on Long Island, NY but work in the 5 boroughs and NJ and have a strong track record. Pls call 516-770-2317 to discuss. Commercial Warehouse Inc. References avail. upon request.

  • by Bob DeBord on 2/28/2014 4:38:31 PM

    please call or e-mail to discuss your needs. Fidelity Mortgage is a St Louis area commercial mortgage broker with national lending contacts.
    We work with a few church lenders as brokers. We can also refer you
    directly to a church lending source that can provide financing up to 80%,
    require no personal guarantees,no annual tax returns, no audited financials,no upfront fees.

  • by Alchemy Private Money on 2/24/2014 1:20:27 PM

    Hello,
    Email me your Summary / Scenario and contact information to alloyd@alchemypm.com or call me at 888-407-4133. Alchemy Private Money is a direct investor/lender. We pride ourselves on our fast, flexible, and creative financing solutions for borrowers looking for immediate approval on a secured or asset-based loan. Brokers are welcome.

    Austin Lloyd

    www.AlchemyPM.com

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