Leadership team update about loan repayment – Alan Calvert
We have been receiving a number of enquiries from people who have not fully caught up with what is happening about our mortgage repayments so this is an update on where we are at.
1. A snapshot of our church mortgage situation
We had a balance owing of nearly $500,000 at the end of March 2022. There were 16 years to go before it was all paid and repayments were nearly $50,000 per year.
A group was formed to see how we could repay this much more quickly. This is what was decided.
1/ A target of $100,000 was set for the church … this would come from donations and fundraising.
2/ The amount raised is being matched dollar for dollar by a couple who wish to remain anonymous.
3/ The balance will be paid by people providing interest free loans for up to 5 years.
4/ The interest free loans will be repaid by the church continuing the same level of payments as we are doing now.
2. Where are we up to?
1) We have received over $25,000 in donations and fundraising.
2) We have received $75,000 from the anonymous donor.
3) We have received $13,500 of interest free loans.
4) We have pledges of $150,000 in interest free loans.
5) We have expressions of interest in providing interest free loans.
3. What is still to be done?
Achieve the goal of getting the remaining $75,000 of donations and fundraising.
There are already a huge number of fundraising ideas being worked on which we hope you will participate in and / or offer to help with the activities.
If you have any other ideas please let Alan Calvert know of them.
Please note that if you are making donations make it clear that it is for this purpose but please do not substitute your normal giving as the church needs that support for normal activities and missions.
Finally if you are in position to provide some interest free money available please make contact with Den or Alan. Note you can retrieve your loan with just 90 days notice if you need to.
We look forward to finishing this debt burden as soon as possible… the money will help empower the church to do the work that we know God is calling us to do.
Alan Calvert for the Leadership Team
