Saint Nicholas Russian Orthodox Church
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708 South Chestnut, McKinney, Texas
Mailing Address: PO 37, McKinney, TX 75070
Priest Seraphim Holland, 972-529-2754
July 3/16, 2008
Dear brothers and sisters,
Therefore, we need more money, in the short term.
- Do you have any money laid away that you’d planned to give or loan when it was truly needed? Now is the time!
- Do you know anybody who might be willing to help us out with a gift or a loan towards this amount? Now is the time!
- Is there a family member or former parishioner with whom you are still in contact, or someone you know who likes our parish? Now is the time to contact them!
2. If everybody pays all of their pledges and we see a reasonable amount of growth over the next few years, this is all we need; we will be able to meet our obligations to the bank. I hope this will happen, but things happen in our lives sometimes, and it is possible that all of our pledges will not be paid 100%. If only 90% of pledges are paid, we will absolutely need to raise $20,000 to meet our obligations over the next four years.
This illustrates both the importance of the pledges
and the need to seek additional help wherever we can find it.
The bank officer explains this requirement as follows:
“We can have anywhere from 1 to 4 guarantors with financial capacity to support the debt payments. (has accumulated assets, has outside income, etc.)
“Payments monthly after the interest only period will be ~$1,078 and a group of guarantors would need to be comfortable with this number and having a total debt of $120,000 contingent on the church’s well being.“Being a local bank, we like to have local guarantors as well and would highly prefer members of the church to be considered first. Anyone with a vested interest to make sure the church succeeds is a good candidate.“The guarantors will be temporary, until the church can show that it can service it’s debt on a historic basis at a rate that is standard in the industry, say: 30% of revenue is used for debt payments. It currently (in 2007) shows that it would use 43% of the church’s revenue for future principal & interest payments.”
Of course, we have always met ALL our obligations, and with our income rising, and great results in our pledge drive, and prospects for growth in our new area, the future is very bright. We also will actually have LOWER operation costs once we get our new temple built, because it is very energy efficient, and the total mortgage will be LESS than the amount we are paying now for our land and current location.
The bank knows all this, but they have rules they need to follow. Our very conservative forecasts show that they will not require guarantors past 2009. This means that a guarantor will only be obligated until the end of 2009 – about one and a half years. They much prefer local guarantors.
My family believes in this project, and will apply to be a guarantor. Who will join me?
Rector, St Nicholas Russian Orthodox Church, MCKINNEY, TX