The Ohio Independent Baptist, November 1969

• • urc inancing ' or s on ey by Wm. Brock ·~l eecl 111011e)' for bt1ildi11g pttrposes? You li 'Oltld c1o ~veil to read tlzis cirticle. Tl1is pla11 is lrork i1zg OLI t ivonderfi,lly lvell i11 tlVO o f 011r C o/ 1, 111 bzr s c/ 111 rc/ 1 es! During past year churche that \\ ere led into building programs u ually found way to finance such ,,enture . ome through bond pro– gran1 . ome local mortgage financ– ing anj ome, other method~. H o,vever. under our present eco– no n1~ and what i called "tight' 1none,·. churche are finding it in- • crea~ingl}' difficult to finance new building . new additions. etc. Even if local monev i available or a bond ., program undertaken, the church find that interest rates are 7 to 8 % . It \\ ould not take much analy i to realize how much interest is paid over a ten year period in an 8 % bond program or mortgage program. Tl1is is t1'ze Lord's rnoney. Building are necessary and if this is the only wa~ 1 to get them, then it must be done. Possibly we h ave the means to do some financing at our fi ngertip~ which would save ome init:erest money and at the same time honor the Lord by using our money for Him. Over the year we have heard '·Bapti ts have no money". This is probably true, for I h ave never seen any "rich Baptists". Tt- is surpri<;ing that even Baptists ha, 1 e some available money either in the form of cash savings or in insurance loan savings. We recently needed ~50,000.00 for additional 1Juilding. f on e y locally was "tight'' and interest rates high. We eemed to be stalled. H owever, this " as not God· answer. Fi~t of all, it i possible to build a building on n1one)' · available f.rom your people. Tf God' people will allow the money they have to be used for one year, at no interest buildings can be con· structed. All this takes is a single n e agreement between the church and the lender with no repayment chedule . annot 1od's people trust tl l.JO :r,d for one year? Yes, I know here are emergencie , but God al can tal' care of these. Thi simple plan f r a l)eginning ~ak !\ faith in th I r and Jod' people having aitl1 in the l.AJrd' work. IH OHIO INDEPENDENT BAPT IST Rev. Wm. Brock But thi doe not olve the perman– ent financing program. Many people (even Bapti ts) have a few hundred dollar or a thousand dollar in a avings account drawing 5 % interest. What harm in loaning thi money to the church in a bonafide program at 5 % ? The lender still gets the regular 5% interest, the money j being used for the Lord and at least 3 % intere t i aved by the church. But you do not have to top with avings. Many people have in- t1rance policie that h ave cash loan value. Most in urance companie charge 5 % intere t on the e loans. Again the believer can borrow thi money from his in urance policy, l an this amount to the church at 5% interest and no one ''gets hurt." The church in turn pay the insur– ance interest, the lender i given an agreement for the amount plt1s a ~cparate agreement tali ng that if death occt1rs the church will pay the n.111 note within 30 days . Thie; keeps the policyholders insurance ft1ll y intact and at the ame tin1 the Lord's vvork i~ tl ing the mon y norn1ally t1sed by the in ttrnnc company. .._ .~,ttnd con1plicated? ot at all ttr ow11 c perience is that w w ~re able to horr w $50,000.00 fu- 01 ot1r \\' n J)eopl , either from savings or firol11 insttrancc loans ar11 wrii a fin , nc r>rogran1 , s sound, g d nn(i n a fc as ar1y hond or l l1 al 111 r tg g progran1 . t the \.an1e time aving abot1t $28.000 1n 1ntere t and pay- 111en l over a ten Year period. vcn pre. en t propert 1 ( uch a~ our ) \\ h1ch ha a fir ~t n1ortgnge •·~ not cfiec ted. J. o doubt the pre ent mor t– gage 1 at a low rate of interes t - do n· t to ti ch i t ! Each loan must ha\ e a igned ag reement given to the lender. Those loa ni ng in t1rance mone 1 mu t h ave a 30 day comn1itment upon death and n10 t import ant the entire pro– gram mt1 t be et up wiith a rear- on– ab]e and reali stic repayment, amor ti– za ~io~ ched111c . It eem be t to pa)· pr1nc1pal and intere t payment once each year. The length of the pro– gran1 can vary depending on the \\i ill– ingne of the people to leave their money in the progra n1. ( Of cour e everyone cannot recci\ 1 e their money back in the fir t year.) The church ~1t1·-- t et up a monthly payment for 1t elf that will mee t the pavment schedule each year of the pr~gram. Thi monthl y payment ho11ld be ~lace? in a , avings account. thereby 1n ur1ng the money available and the payment chedt1le adhered to. By placing the money in a avings account each month. ome intere t i al...o accumulated so that addition– al money are available at the end of each year. Thi can al o help a an emergency fund for the program Ot1r pre ent financing of $50.000. (we also ha,,e a fir t mortgage loan) is . et 11p to pay out in 8 year . The interest rate i 5~ and we are ,setting a ide $600.00 per month in • a a, 1 1ng. account to pa)r the pr gram. ome will ay. "there are prob– lem ." Thll far we have fol1nd no ne . However. a chll rch mu t be able to di cipline it elf in t1ch a pr gram. o cheating on the payment to yot1r– lf each month. Be st1re vet; thing i done "c1ece.ntlv and in order" D O P PFR. The progran1 nee et t1 p and a igned \\ ill take care f it~clf :yearly. gain. think of the difference be– t~'ccn $100,000 at 8 % ,,er a l O ,~ar pe ri <.i anci 100.000 at % ove r n ten , ,ear p rt 1 That t1n1 h~tpp ~n to he the I rd's 1110 0 \ . J.\ 1ng and in t1rnnce also bel ng to tf1 I orci. G d a~k" Hi\ p oplt' to ll. c thcr11 . TT'ltv 11 c>t 11se tl1e,,1 fo r tl1e l .Jor<l ? It Ct)"t" rhe belie, er n ,th- Brothe r Brock would be happy to coun sel w ith arty qrouo that ,s 1nte,e~ted in th i~ plan . He: will ~how them how to se t up such a pro9ran1, the fornl> nece>sa ry and how to wr ate it >0 all pa, t ies ar e protec ted. You may conta c t h iin b y w rit ing Rev. Wrn , A. Brock, Maran atha B ptist Ch ur h, 4663 Tra bue Road , Colun1bu , Oh io - 43228. NOVEMBER, 1 69