The FBC Tarp / Bailout

[groupie]

I hear that FBC got some sweetheart deal from the bank. Every dollar they pay towards their loan they bank will match and part of it at zero percent interest. So, does anyone know the skinny on the bailout?

 

[no value]

I hear that FBC got some sweetheart deal from the bank. Every dollar they pay towards their loan they bank will match and part of it at zero percent interest. So, does anyone know the skinny on the bailout?

What would be the motivation for a bank to offer such a deal? Is FBCH in financial difficulty that the bank thinks a half loaf is better than no loaf? or could the bank itself be in dire need for business? If its true, I just don't see the logic.

 

[bgwilkinson]

I hear that FBC got some sweetheart deal from the bank. Every dollar they pay towards their loan they bank will match and part of it at zero percent interest. So, does anyone know the skinny on the bailout?

What would be the motivation for a bank to offer such a deal? Is FBCH in financial difficulty that the bank thinks a half loaf is better than no loaf? or could the bank itself be in dire need for business? If its true, I just don't see the logic.

Sunday evening it was announced that the goal of $250,000.00 for the building fund had been met, and the new loan docs would probably be signed this week.

There would be a new loan for approximately $7,000,000.00 that would have an interest rate comparable to that being paid now. There would also be $6,000,000.00 that would just sit there at 0% interest for 5 years with a ballon payment of $2,000,000.00 at the end of 5 years. The bank credits us 3 dollars for every 1 dollar we give them on this 2nd part of the deal.

Now the question was raised as to how this can be. Here's what may be going on. (There is more on this buried in one of the other threads.)

The bank that originally had the loan was a Chicago mob bank that was caught in multiple bad crony loans, nefarious illegal activities and other stuff you can read about in the Chicago papers. They were bad bad boys.

The FDIC shut them down. Other banks bought up the loans without doing due diligence trying to make a quick buck. Well they didn't do so well and the FDIC came back after them. This is not exactly what happened but it gives you some inkling of the reason the loan was so heavily discounted. I do not believe anyone from the church knows all that was going on at the mob bank. If you want to know the name of the bank it should be easy to figure out. Yep it's that one.

For example. When you have a 100 million dollar building that only appraises for 30 million the loans on it are in big trouble with the FDIC. This is the word on the ground. Location location location. It would be worth much more in Crown Point.

So here is how the bank is looking at it.

They will have a 7 million dollar loan that is secured by a building worth approximately 8-10 million.

The payments will be easy for the church to make.

That makes this loan a decent performing loan that looks good in all it's fundamentals and it looks good in their portfolio of assets.

As to the other 6 million the bank is basically giving us a discount if we pay it off in 5 years.

That discount is 2 dollars for every 1 dollar we give them and we must give them 2 million in 5 years.

Sounds convoluted I know, but maybe we are not giving the credit for this great deal to the one to whom it would be due, namely the LORD. He has greatly answered our prayers.

 

[prophet]

I hear that FBC got some sweetheart deal from the bank. Every dollar they pay towards their loan they bank will match and part of it at zero percent interest. So, does anyone know the skinny on the bailout?

What would be the motivation for a bank to offer such a deal? Is FBCH in financial difficulty that the bank thinks a half loaf is better than no loaf? or could the bank itself be in dire need for business? If its true, I just don't see the logic.

Sunday evening it was announced that the goal of $250,000.00 for the building fund had been met, and the new loan docs would probably be signed this week.

There would be a new loan for approximately $7,000,000.00 that would have an interest rate comparable to that being paid now. There would also be $6,000,000.00 that would just sit there at 0% interest for 5 years with a ballon payment of $2,000,000.00 at the end of 5 years. The bank credits us 3 dollars for every 1 dollar we give them on this 2nd part of the deal.

Now the question was raised as to how this can be. Here's what may be going on. (There is more on this buried in one of the other threads.)

The bank that originally had the loan was a Chicago mob bank that was caught in multiple bad crony loans, nefarious illegal activities and other stuff you can read about in the Chicago papers. They were bad bad boys.

The FDIC shut them down. Other banks bought up the loans without doing due diligence trying to make a quick buck. Well they didn't do so well and the FDIC came back after them. This is not exactly what happened but it gives you some inkling of the reason the loan was so heavily discounted. I do not believe anyone from the church knows all that was going on at the mob bank. If you want to know the name of the bank it should be easy to figure out. Yep it's that one.

For example. When you have a 100 million dollar building that only appraises for 30 million the loans on it are in big trouble with the FDIC. This is the word on the ground. Location location location. It would be worth much more in Crown Point.

So here is how the bank is looking at it.

They will have a 7 million dollar loan that is secured by a building worth approximately 8-10 million.

The payments will be easy for the church to make.

That makes this loan a decent performing loan that looks good in all it's fundamentals and it looks good in their portfolio of assets.

As to the other 6 million the bank is basically giving us a discount if we pay it off in 5 years.

That discount is 2 dollars for every 1 dollar we give them and we must give them 2 million in 5 years.

Sounds convoluted I know, but maybe we are not giving the credit for this great deal to the one to whom it would be due, namely the LORD. He has greatly answered our prayers.

Yes, Praise The LORD!
We were in trouble when we agreed to walk by faith, and pay for the new auditorium without borrowing, and then waffled on that, because we had to rush the project to be done by Pastor's School.

 

[TidesofTruth]

I hear that FBC got some sweetheart deal from the bank. Every dollar they pay towards their loan they bank will match and part of it at zero percent interest. So, does anyone know the skinny on the bailout?

What would be the motivation for a bank to offer such a deal? Is FBCH in financial difficulty that the bank thinks a half loaf is better than no loaf? or could the bank itself be in dire need for business? If its true, I just don't see the logic.

Sunday evening it was announced that the goal of $250,000.00 for the building fund had been met, and the new loan docs would probably be signed this week.

There would be a new loan for approximately $7,000,000.00 that would have an interest rate comparable to that being paid now. There would also be $6,000,000.00 that would just sit there at 0% interest for 5 years with a ballon payment of $2,000,000.00 at the end of 5 years. The bank credits us 3 dollars for every 1 dollar we give them on this 2nd part of the deal.

Now the question was raised as to how this can be. Here's what may be going on. (There is more on this buried in one of the other threads.)

The bank that originally had the loan was a Chicago mob bank that was caught in multiple bad crony loans, nefarious illegal activities and other stuff you can read about in the Chicago papers. They were bad bad boys.

The FDIC shut them down. Other banks bought up the loans without doing due diligence trying to make a quick buck. Well they didn't do so well and the FDIC came back after them. This is not exactly what happened but it gives you some inkling of the reason the loan was so heavily discounted. I do not believe anyone from the church knows all that was going on at the mob bank. If you want to know the name of the bank it should be easy to figure out. Yep it's that one.

For example. When you have a 100 million dollar building that only appraises for 30 million the loans on it are in big trouble with the FDIC. This is the word on the ground. Location location location. It would be worth much more in Crown Point.

So here is how the bank is looking at it.

They will have a 7 million dollar loan that is secured by a building worth approximately 8-10 million.

The payments will be easy for the church to make.

That makes this loan a decent performing loan that looks good in all it's fundamentals and it looks good in their portfolio of assets.

As to the other 6 million the bank is basically giving us a discount if we pay it off in 5 years.

That discount is 2 dollars for every 1 dollar we give them and we must give them 2 million in 5 years.

Sounds convoluted I know, but maybe we are not giving the credit for this great deal to the one to whom it would be due, namely the LORD. He has greatly answered our prayers.

Yes, Praise The LORD!
We were in trouble when we agreed to walk by faith, and pay for the new auditorium without borrowing, and then waffled on that, because we had to rush the project to be done by Pastor's School.

Yes Praise the Lord 1Ch 16:34  O give thanks unto the LORD; for he is good; for his mercy endureth for ever..  Even in our failures and unfaithfulness He has proven His faithfulness and has forgiven failures.  I thank God that He doesn't just fix natural occurrence but also is a repairer of our mistakes and disobedience.  Most all of my trouble has come at my own hand I do not know what I would do if I did not have a God who could and would fix them for me.  I thank God that others are faithful enough to never make mistakes and step outside their faith and never need the Hand of God to come through for them.  I guess it frees God up to help me with my mistakes.

 

[bgwilkinson]

To all following this.

Here are the numbers from Sunday 10/26/14.

Budget  $99,082.62
Faith P  $23,635.01
Trust F  $97,230.05
Repairs      $738.60

These are from the prayer sheet handed out last night.

That means the trust fund total is around $330,000.00

Praise the LORD.