2023 Loan Pay Down
As God continues to move in our church family, He has brought to our attention the value of eliminating the building loan, to which we currently pay $18,500 monthly. After many conversations throughout our church family, including two congregational forums, and consideration and prayer from our leaders, we are introducing this “2023 Loan Pay Down” project.
Our goal is to pay down $1.3 million in 2023. This would put us on pace to fully retire the loan when it comes due for refinance in June 2027. We pray that this would create incredible opportunity to further invest in the ministry of God and serving others.
Background of our Building Loan
This loan was originated in 2007 to fund a building project. This building project provided the fellowship hall and three floors of classrooms above it, a new nursery wing, and a renovated church office and storage space. We are so grateful for the facility God has provided!
Because of these new facilities, Forcey was able to bring the 6th-8th grades of Forcey Christian School onto our campus to grow the school ministry, provide better space for children and adult Sunday classes, have a fellowship hall for large events, and greatly improve outdated office and nursery spaces.
We are reminded that in all seasons, God has been so good to us at Forcey.
Loan Details & History
We took out a 30-year loan in 2007 with these features:
✓ It requires us to pay off any remaining balance in 2017 and 2027.
✓ It allows us to make additional principal payments at any time, which immediately reduces the interest portion of our monthly payment.
✓ In 2017, God used the generosity of our church family to pay down an additional $950,000 of principal right before the refinance, which decreased the monthly payments by $10,000.
✓ In 2021, we reduced our monthly payments due to a better loan rate of 3.99%, which is our current interest rate until 2027. Current commercial loan rates are about 8%.
✓ The current monthly payment, through June 2027, is $18,500. Forcey has always paid its full monthly mortgage amount on time.
✓ The current loan balance is $2.2 million.
We have identified a goal to pay off the entire loan before we must refinance again in 2027. Doing so would save as much as $900,000 in interest over the remaining life of the loan. Once we pay off the entire loan, Forcey will have much greater financial flexibility to invest more in direct ministry callings and priorities.
A good way to achieve this goal is to pay off $1.3 million in 2023. This would put us on pace to pay off the entire loan in 2027 by continuing our current pace of regular and additional principal payments from 2024-2027.
A group of families from Forcey have agreed to match any contributions to pay down the principal balance up to a total of $425,000 in 2023!
We are asking our Forcey family to prayerfully consider making a Commitment to the “2023 Loan Pay Down” – a donation over-and-above their normal church giving. We are asking that Commitments be submitted by June 30, 2023, and that the commitment amount be given during calendar year 2023. Commitment cards can be submitted in two ways:
✓ Make a Commitment online at www.forcey.org/loan by June 30. (Click the button at the top or bottom of the page.)
✓ Turn in a Commitment card to the special “2023 Loan Pay Down” offering box (located inside the auditorium doors next to the normal offering box) by June 30.
*Giving Instructions: Make a financial contribution at any time in 2023 by noting “Loan Pay Down” on a check or selecting “2023 Loan Pay Down” in your online giving. You can give with a single gift or as a recurring gift during 2023.
Making a commitment is between the giver and God. No one at the church, other than our normal offering counters, will see the pledge you made, for it is God alone who sees and knows our hearts. In our giving commitments, we remember 2 Corinthians 9:6-8, “Remember this: Whoever sows sparingly will also reap sparingly, and whoever sows generously will also reap generously. Each of you should give what you have decided in your heart to give, not reluctantly or under compulsion, for God loves a cheerful giver. And God is able to bless you abundantly, so that in all things at all times, having all that you need, you will abound in every good work.”
✓ For God to grow our faith in Him and love for Him as we give ourselves first to the Lord (2 Cor 8:5)
✓ For God to meet all our needs according to his glorious riches in Christ (Phil 4:19)
✓ For God to do immeasurably more than all we can ask or imagine, according to his power that is at work in us (Eph 3:20)
✓ For this effort to lead to the growth of ministry, the transformation of lives, and the multiplication of disciples here, near, and far (Matt 28:19-20)