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Difficult Church Loan and Business Finance Solutions

September 26th, 2022

As a result, it is common to find that church financing has been obtained only after one or more church members have provided a personal guarantee. The requirement for personal guarantors acts as a severe obstacle because church members might be unwilling to act in this capacity and because there simply might not be individuals who have sufficient net worth to provide a personal guarantee for a large church loan.

(3) Church Financing Difficulty Number Three: When church financing is obtained, there are frequently unacceptable business finance terms such as very small loans, low loan-to-value (LTV) of 50% to 60%, short-term loans and high interest rates. These onerous terms are tantamount to the church loan being declined, and if the terms are accepted, the church is likely to experience continuing financial difficulties due to unrealistic commercial mortgage requirements.

(4) Church Financing Difficulty Number Four: Construction, renovation and land acquisition are even more difficult for churches to finance than purchases or refinancing. As a result, needed repairs are often postponed indefinitely and new churches frequently take many years to become a reality.

Six Practical Church Loan and Commercial Mortgage Solutions -

There are common-sense financing solutions for the church loan issues described above. Here is an overview of church financing that is now available from some non-traditional lenders:

(1) Church Loan Financing Approach Number One: Non-Recourse Loans (instead of guarantors). The willingness to eliminate individual guarantors is likely to require a non-traditional church lender. This particular church financing solution means that lender decisions will not be based on personal guarantors in any way.

(2) Church Loan Solution Number Two: Long-term business loans. Church financing will be much more successful when it is long-term instead of short-term (payments will be reduced dramatically).

(3) Church Loan Solution Number Three: Low interest rates (usually a maximum of prime plus 1%). In reality many churches have been taken advantage of and charged excessive interest rates because lenders perceived that they did not have any other realistic options.

With payments based upon a rate in the range of prime plus 1%, church financing payments will be reduced dramatically. In combination with longer-term loans, the overall payment reduction will make a significant contribution to church cash flow improvements.

Are You Making These Critical Errors in Your Personal Finance Planning?

March 22nd, 2022

If you want to succeed in your personal finance planning, there are a few key errors you have to avoid. After many years of experience in building wealth, managing personal finances and in coaching others, I’ve found that there are a few common errors which people make. If you want to make sure that you don’t fall prey to these, this article will show you how to spot them and how to avoid them.

#1: No Written Plan

One of the first principles of Powerspending is having a clearly written goal as to where you want to be in the next year or the next five years. In addition to this, you need to have a clearly written plan as to how you’re going to achieve your goal. Failure to plan is planning to fail, and if a plan isn’t written down, it’s more of an idea than it is a plan.

#2: Making Exceptions

This is one of the greatest enemies of success. Most of the time, people will stick to their commitments until they make a small exception to their plan. Once this happens, it’s not long before the exception becomes the norm and before you know it you are far off track wondering what happened. Never underestimate the subtle power of one small exception, but stick with your plan as if your life depended on it.

#3: Lack of Accountability

Making yourself accountable to someone else will always increase your chances of success. Even if you are already doing well on your own, you have everything to gain from teaming up with an accountability partner. I suggest that you find someone who is not too emotionally involved in your life and can meet with you at least once a month to make sure you stick with your plan.

#4: Over-complicating Your Plan

Good personal finance planning is never overly complicated, but is simple, easy to stick with and make a part of your life. Some of the common ways that people overly complicate their personal finance planning is with excessive personal expense categories, overly sophisticated investment strategies and complicated plans for leveraging debt in order to build wealth.

Keep your written personal finance planning simple. Remember that exceptions are the most dangerous thing you face when it comes to sticking with your commitment and trusting yourself to be accountable to someone else. These simple tips will greatly increase your chances of succeeding with your personal finance planning.