Update from 86ministries.com

I received this email today so I wanted to send it along to whoever might be interested that didn't already get it. I apologize to those who already got the message and I am cluttering your email but this is important stuff as far as I am concerned and it needs to get to as many people as it can!

If you can help out the cause in anyway, go to http://86ministries.com.

Joel

Hey guys,


So many people have been asking for an update of what is going on with the opportunity with the building.


We are still pressing on towards the attempt to purchase the building. Approximately $7,000 came in donations over the last week.

Also, we have had many people express interest in giving to the ministry on a monthly basis. This is exactly what we will need if the purchase happens to make the ministry work long term. We should have the online giving portal up and running this week. We will email everyone when that happens.


We have 3 possible options for purchase of the property:

1. Getting a conventional mortgage loan from a bank to purchase the property. (most desirable, and most unlikelydue to the state of the lending market)

2. Getting a personal loan from an individual to purchase the property.

3. Getting a personal loan from an individual for the down payment, so that the owners will finance the purchase themselves.

3 things currently in the works, that could use prayer.


1. My brother as it turns out is friends with a CFO of a division of 5/3 bank. My brother spoke to him about what we are doing. He made some calls and the people he spoke with within 5/3 bank said they would like to help us. So, Thursday I had a meeting with a representative from 5/3 bank and he is now shopping our opportunity around inside of 5/3 to see if he can get support to give us a commercial mortgage loan. This is ideal by far of all situations if we could get a conventional mortgage loan from 5/3 bank up front. This is also by far unfortunately possibly the most unlikely of the 3 scenarios

2. We have contacted an individual of great means who has expressed interest in helping financially with our ministry in the past. He and his wife are praying and considering loaning us the full $225,000 for the purchase of the building.

3. A member of a band that used to play at The Underground spoke to his parents, and they are considering loaning us $25,000 to get us up to the amount needed to do a down payment with the owners of the property so that they will do the financing themselves.


While all of this is going on, there are 3 other groups interested in the property and trying to pull resources together tomake the purchase.


So, there is great opportunity for this to happen.

All of the above could use a great deal of prayer.

Peace,
Chris and Monica