For the last few years we have focused our year end giving on a project to make room for more people. In 2019 we added 2 new class rooms for children’s ministry. In 2022 we made room upstairs for our growing student ministry. In 2024 we made room for more parking. In 2025 we made room for more children in our new children’s ministry center. Every single project was paid for in cash thanks to your generous giving. Each project allowed us to grow and welcome new people.
This year we are focusing on making room for more margin. In 2017 we borrowed $1,475,000 to purchase our building and convert the warehouse into a church. Our initial interest rate was 6.5% when we started the loan. We refinanced at 3.8% in 2022. That low interest rate has enabled about half of our $8,400 mortgage payment to be applied to the principal. Today we owe about $1,160,000, but our balloon payment is due in 2027. Essentially banks don’t want to loan money out longer than 5-7 years in case interest rates change, so they force a refinance or balloon payment every 5-7 years. Interest rates have risen and we will be refinancing our debt in the range of 6-7%. Our staff and elders have determined our best response is to begin aggressively paying down our debt.
Our goal is to raise $200,000 before the refinance is due in February 2027. This will allow us to pay bring our debt below $1,000,000 and lower our monthly payment on the new mortgage. Every dollar we raise is a dollar we don’t have to pay interest on. The more margin we have, the more ministry we can do.
KEY DATES
November 15th Heart for the House offering
December 13th Heart for the House offering
January 31st Vision Sunday & Final Heart for the House offering