How would you like to not have to hear me asking you for your help in paying off the land mortgage of $300,000 ever again???
Let me explain the situation: we do not presently own the land, and haven’t been able to own our own land for decades for a dumb and totally unjust rule. Banks don’t lend to nonprofits, period, and that’s across the board everywhere countrywide and maybe even worldwide, because banks don’t want the Scrooge Complex to be laid upon them; they simply don’t want to have to EVER foreclose on a church or synagogue, and that’s the whole reason, nothing to do with law or business practices, just public relations.
Because we have a very good relationship with our bank, and we’ve practiced exceptionally good management over the past 43 years, never ever missing a mortgage payment, we’re being offered a chance to actually own our own property, and without a qualified co-signer (someone earning over $200,000 a year would barely qualify). We are being considered for a loan, but we must bring some money to the table, actually $15,000 in cash, straight up.