We do not take undue risk, we make collateralized loans, but we are willing to listen to a church when others will turn them down.
Fredericksburg, VA (PRWEB)
May 18, 2017
Griffin Capital Funding continues its mission to help financially troubled churches save their property from foreclosure through its private money fund. The fund raises money from Qualified Investors and then loans those funds to troubled churches, utilizing the real estate as collateral for the loan.
In South Carolina, Griffin Capital rescued a church whose bookkeeper had failed to pay payroll taxes to the IRS for more than eight years. The church leadership was unaware of this deficiency until the IRS took action against them. The church owed the IRS $500,000 and, as a result, the IRS had seized one of their properties. The IRS was also threating to take their sanctuary. The church was desperate to find a way to pay their debt to the IRS, redeem the property that had been taken, and stop the seizure of their sanctuary.
The church had sought a loan from traditional lenders but quickly found that the lenders were not interested in helping a church that had issues paying their payroll taxes. Eventually, the church found Griffin Capital Funding, and we were able to save the church through our private money loan program. The church was saved and investors are receiving a healthy return on their investment.
Another church in Bladensburg, MD came to Griffin with serious delinquencies on their mortgage and faced foreclosure. Griffin negotiated a discounted payoff with the lender and gave the church a mortgage of $780,000 to refinance their loan and get back on their feet. The church’s mortgage balance is lower and they are now making all payments on time.