Dear First Free,
We have some really great news to share with you regarding our mortgage loan for our Family Life Center. We have contacted Christian Investors Financial (CIF), the lending arm of the National Free Church, regarding taking on our mortgage. After many denied requests from them over the last few years, we learned last week that CIF has agreed to take on the loan! Praise God!
This will have two major effects on First Free:
- First, this means that we no longer need to sell our building, or continue in the arduous process of changing our Planned Development materials with the City of Chicago.
- Second, while we still have debt, it will be transferred from Bank of the West to CIF. Our new loan will be a 25-year mortgage at 4.25%. That puts our monthly payment at approximately half of what we pay now!
We are so thankful for God walking with us during this process and so many people working on both projects and giving so sacrificially of time and money.
Sylvia Lauener, Treasurer