April 16 Building Update 048
“Financials & Financing”
As AR continues to navigate its way through a complicated and challenging building process, there have been no shortages of tough nuts to crack! Many of the obstacles in constructing a new Ashley Ridge Church facility have to do with financials and/or financing. So, I wanted to jump on and give you a quick report.
Financials. With respect to financials, I received April’s MTD giving numbers from our Finance Team Leader as of the 15th:
$1,785.56 Building Fund + $31,302.54 General Fund = $33,088.10 TOTAL
The AR congregation continues to find ways to give generously to the Building Fund and General Fund. This continued generosity has allowed the accomplishment of all 2020 building project goals and more. Soon, we will be coming out with a new set of project goals for 2021 and our plan for achieving them. This will enable AR to take the next steps in the building process. We are getting closer and closer to putting that shovel in the ground!
Financing. One of the most difficult and important challenges in the building process, is securing financing for the cost of construction. Of course, we will only finance through a lending institution what we cannot raise internally.
There has been progress on the financing front in that our Finance Team has secured a Letter of Commitment for purchasing the additional 10 acre tract of land if AR decides to exercise its option, and have also had a very positive conversation with a local bank on a possible bridge loan.
While AR has not secured funds for the construction loan itself, a bridge loan would allow the building process to move forward while work continues on putting the construction loan and permanent financing piece in place. I should have a lot more to report in my next update so stay tuned!
If you would like to make a contribution to the General Fund or Building Fund, you can do so here.
Derrick Horres, AR Building Project Leader