Saving a Down Payment For A Purchase
Saturday, February 23rd, 2008I talk to churches all the time that are interested in purchasing a new sanctuary to hold services. In my conversations with the pastors many do not know what is required to successfully purchase a building and unfortunately several are unrealistic in their expectations. To purchase a building the church needs to have at least 20% - 30% of their own funds. Church lenders want to see that the church has saved this cash as their contribution towards the purchase. If a church wants to purchase a building that costs $500,000, the church needs between $100,000 - $150,000 for a down payment. That will be in addition to enough funds for closing.
