Author Topic: SSPX charging its own chapels interest on loans (Read 10001 times)

Marlelar · « **Reply #15 on:** May 19, 2014, 12:27:56 PM »

Quote from: ggreg

3.9 million is a lot for church. Where is it and how many does it accommodate?

It is in Phoenix, AZ on property they already owned. I believe it will seat 700. Here is a link

It will be a beautiful church.

Marsha

Maria Auxiliadora · « **Reply #16 on:** May 19, 2014, 02:14:20 PM »

Quote from: Marlelar

Quote from: ggreg
3.9 million is a lot for church. Where is it and how many does it accommodate?

It is in Phoenix, AZ on property they already owned. I believe it will seat 700. Here is a link
.
It will be a beautiful church.

Marsha

You just made my case. The faithful has enough burden with the loan . To charge interest, is immoral, IMO.

MaterDominici · « **Reply #17 on:** May 19, 2014, 03:48:44 PM »

Quote from: Marlelar

Monthly Debt Service (1.5M interest only 3 years) $9,558 month

That's what? About 7.5%?

I'm only surprised that you're surprised. The SSPX operates like a business and wants to know that the Phoenix division is profitable.

Consider that if you were a happy "customer", you wouldn't really care what they did with your contributions or who owned the building when it was finished.

Marlelar · « **Reply #18 on:** May 19, 2014, 06:18:03 PM »

Quote from: MaterDominici

I'm only surprised that you're surprised. The SSPX operates like a business and wants to know that the Phoenix division is profitable.

For some funny reason I keep expecting them to behave with Christian principles rather than strict business principles. My bad :cool:

Marsha

Luker · « **Reply #19 on:** May 19, 2014, 06:50:22 PM »

Quote from: Marlelar

I have the insert that was put in our bulletin:
Project cost 3.9M
Cash raised by Faithful 1.4M
SSPX loan 2.4M
Monthly Debt Service (1.5M interest only 3 years) $9,558 month
Monthly bldg fund (almost) 16K a month.
179K in pledges rescinded
127K in pledges not honored to date

Trying to run those numbers in a mortgage calculator seems to bring the interest into the ~2% range but that is making an assumption on the amortization as 25 years, which is pretty standard, but it could be 20 years or 30 or 35 years. That doesn't strike me as very high interest (or usurious) since that won't even keep up with the inflation rate.

But that is just me running the numbers provided in a calculator, I obviously had to make some assumptions to get the payment into the $9,500 range with the info provided. So take this for what it is worth.