Free Republic
Browse · Search
Religion
Topics · Post Article

Skip to comments.

Consequence of boom-years borrowing hits churches
One News Now / The Associated Press ^ | March 15, 2009 | Rachel Zoll

Posted on 03/15/2009 7:23:25 PM PDT by 2ndDivisionVet

Companies that specialize in church mortgages report that foreclosures and delinquencies for congregations are on the rise as the tough economic times start to make their impact at the offering plate.

Metropolitan Baptist Church was bursting out of its home.

From a group of freed slaves in Civil War-era Washington, Metropolitan Baptist had grown into a modern-day megachurch and community service powerhouse. In 2006, construction began on the congregation's dream complex in Largo, Md. - a $30 million campus with a 3,000-seat church, an education center and an 1,100-car parking lot.

(Excerpt) Read more at onenewsnow.com ...


TOPICS: Current Events; Evangelical Christian; General Discusssion; Religion & Culture
KEYWORDS: church; credit; economy; foreclosure; loans; megachurch; mortgages; recession
Didn't think about it before, but it's no surprise that this sector of the lending world is suffering, too.
1 posted on 03/15/2009 7:23:25 PM PDT by 2ndDivisionVet
[ Post Reply | Private Reply | View Replies]

To: 2ndDivisionVet
1. Church is not a building.

2. Following the 'seeker sensitive' fad should have nothing to do with being in debt.

3. Romans 13:8 - Owe no man any thing, but to love one another: for he that loveth another hath fulfilled the law.
2 posted on 03/15/2009 7:41:18 PM PDT by AD from SpringBay (We deserve the government we allow.)
[ Post Reply | Private Reply | To 1 | View Replies]

To: 2ndDivisionVet
Among the company's foreclosed-upon clients is Juanita Bynum, a former hairdresser and popular Pentecostal preacher. In 2006, she got a loan from the evangelical lender to buy a $4.5 million lakeview property in Waycross, Ga. She planned to use it for her ministry headquarters and to open a spa for beauty treatments and spiritual guidance.
3 posted on 03/15/2009 7:47:47 PM PDT by Graybeard58 (Selah)
[ Post Reply | Private Reply | To 1 | View Replies]

To: 2ndDivisionVet

Here’s a novel idea... how about raising the purchase $$ first with building fund drives before going into bigtime debt? $30 million is a vast sum for a church complex.


4 posted on 03/15/2009 7:49:04 PM PDT by tflabo
[ Post Reply | Private Reply | To 1 | View Replies]

To: 2ndDivisionVet; Terriergal
$30 million campus with a 3,000-seat church

Hmmm. That's $10K/seat, or, say, $40K/family worth of seats. Even with multiple services, that sounds overextended.

Our church is looking at a $3,000,000 expansion problem. Excuse me, my dislexica, "expansion program. Personally, I'm doubtful this is a good time to be stepping out in faith that we can (or should) become a megachurch.

cc terriergal

5 posted on 03/15/2009 7:54:53 PM PDT by Lee N. Field (2)How many things are necessary for thee to know,..? the first, how great my sins and miseries are;)
[ Post Reply | Private Reply | To 1 | View Replies]

To: tflabo
It sure is nice to belong to a denomination that has thousands of chapels that were paid for before they were built.

no mortgages.

6 posted on 03/15/2009 7:59:14 PM PDT by fproy2222
[ Post Reply | Private Reply | To 4 | View Replies]

To: AD from SpringBay
28." For which of you, intending to build a tower, does not sit down first and count the cost, whether he has enough to finish it. 29. lest after he has laid the foundation and is not able to finish, all who see it begin to mock him,- 30. saying, 'This man began to build and was not able to finish"... Luke..14;28-30
7 posted on 03/15/2009 8:00:40 PM PDT by tflabo
[ Post Reply | Private Reply | To 2 | View Replies]

To: Lee N. Field
Personally, I'm doubtful this is a good time to be stepping out in faith

It's probably a pretty good time to build *if you have the money in hand.*

Absent cash in hand, I'd postpone the project. But our congregation has always been debt-adverse.

8 posted on 03/15/2009 8:19:33 PM PDT by PAR35
[ Post Reply | Private Reply | To 5 | View Replies]

To: PAR35

Got about a million pledged (not on hand). None from us. Yea/nay vote coming up in April.


9 posted on 03/15/2009 8:40:21 PM PDT by Lee N. Field (2)How many things are necessary for thee to know,..? the first, how great my sins and miseries are;)
[ Post Reply | Private Reply | To 8 | View Replies]

To: 2ndDivisionVet

Oops! Too much money borrowed?

That’s why my church always does a capital campaign to pay off any debr ASAP!


10 posted on 03/15/2009 8:54:57 PM PDT by Salvation ( †With God all things are possible.†)
[ Post Reply | Private Reply | To 1 | View Replies]

To: PAR35

**It’s probably a pretty good time to build *if you have the money in hand.***

Bump that! Raise the money first!


11 posted on 03/15/2009 8:56:47 PM PDT by Salvation ( †With God all things are possible.†)
[ Post Reply | Private Reply | To 8 | View Replies]

To: Salvation

to pay off any debt ASAP!


12 posted on 03/15/2009 8:57:26 PM PDT by Salvation ( †With God all things are possible.†)
[ Post Reply | Private Reply | To 10 | View Replies]

To: AD from SpringBay

The best church I ever attended was under a tree up in the mountains of Mexico.


13 posted on 03/15/2009 9:38:33 PM PDT by guitarplayer1953 (Psalm 83:1-8 is on the horizon.)
[ Post Reply | Private Reply | To 2 | View Replies]

To: 2ndDivisionVet

I’ve always been very uncomfortable with churches’ building anything they couldn’t pay for in cash.


14 posted on 03/15/2009 10:09:48 PM PDT by Arthur McGowan
[ Post Reply | Private Reply | To 1 | View Replies]

To: PAR35
But our congregation has always been debt-adverse.

I would think that means your congregation is adverse news for any creditors.

15 posted on 03/15/2009 10:13:17 PM PDT by Arthur McGowan
[ Post Reply | Private Reply | To 8 | View Replies]

To: Salvation

Thank goodness, we no longer have a mortgage, we got it paid off last year.


16 posted on 03/15/2009 10:46:05 PM PDT by tiki (True Christians will not deliberately slander or misrepresent others or their beliefs)
[ Post Reply | Private Reply | To 10 | View Replies]

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
Religion
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson