Saint Mark UMC Refinances Two Loans
Serving the needs of its local community has been a top priority for Saint Mark UMC since 1872. What its founders didn’t anticipate, however, was how Atlanta’s dramatic growth would impact its ministry.
“Several years ago when we realized we probably had the smallest campus of a vital church in the Midtown area, we took out two loans and began the process of property acquisition,” said Rev. Jimmy Moor, senior pastor of Saint Mark. “When complete, we will have almost doubled our campus, which will give us the ability to address ministry needs and the parking situation.”
A financial task force recently discovered the original loans were not documented to Saint Mark’s best benefit over the long term. “I’ve known about the Foundation for a good while and recommended we contact them about the possibility of combining the two loans,” Moor said.
Frank Craft, the Foundation’s former director of lending services, helped Saint Mark refinance their two loans into one $2.1 million loan. “They received a fixed rate for five years at a lower interest rate and were able to avoid paying commitment or origination fees,” he said. “Since we are a nonprofit entity, we do not have to charge intangible taxes, which also saved them a significant amount of money.”
“The Foundation has treated us wonderfully. We now have a steady payment we can budget around. This arrangement adds to the safety and security of Saint Mark’s financial future in a way our previous loans did not,” Moor said.
This article was originally published in the Winter 2010 edition of Faith & Money.