The purpose of the Long-Term Plan is to find a permanent home for GRC, central to the area, and financially within the means of the church
Acquire Land & Build
Summary
Minimum 3 acres
Down payment
Monthly payments
Terms
Option 1: Traditional Church Build
Estimated Cost: $1.5M - $2.0M
Option 2: Pre-engineered Building
Estimated Cost: ~$500k
Construction Loan Details to be considered:
Down payment
Monthly payments
Terms
Total Cost
Land estimated cost: $500k. Traditional Church Build
Estimated Cost: $1.5M - $2.0M. Pre-engineered building estimated cost: $500k - (costs include site work, permits, architect/engineering
fees. For 6,000-10,000sqft and 200+ people). Requires deposit of 20-35%.
Cons
Many unknowns & variables which could increase time and cost
estimates ~20-30%. Long timelines. Limited availability.
Pros
Build-to-specific needs including
features for church use. Ability to add-on later if needed. Allows us to
release the Franklin office & free up
additional monthly cash
Other Comments
Need ~1 acre of land for every
100 parking spaces. Land also needs
to be flat, well drained and without unduly onerous zoning or deed restrictions.
Other Financials
CRE loans usually have short-term maturity (5-7 years) based on 20-25-year amortization with a balloon
payment maturity. Typically, at maturity the loan is then refinanced.
