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.