Having Trouble Making Payments?
Look At Restructuring and Refinancing
Are you struggling financially? In default on your mortgage or other debts? Are you about to lose your property through foreclosure? With 34 years of experience in representing both banks and churches in such situations, the principals at Antioch can listen to your story, review your financial situation, and present potential solutions to your problem.
Many churches find themselves today in a “distressed” situation with lenders. During the “go-go” decade of 1997 to 2007, “over-lending” and ill-conceived lending programs to churches ran rampant. The result of these disastrous lending policies was exacerbated by the Great Recession, which only further compounded the problem churches had in making their payments.
Or, maybe you simply couldn't get the best possible rate or terms on your original mortgage loan, and when times later got tough, high payments and loan covenants became onerous. Maybe your property value fell, resulting in a loan-to-value ratio issue and the bank is demanding more cash. Maybe you just missed a mortgage payment for the first time or your loan is already in “work-out” or “special asset” classification with the lender—or even in default. Or maybe you were ion the midst of a construction project that failed to reach completion before the money ran out.
These special case scenarios are complicated and time-consuming to navigate. You need a trusted expert who over the past 34 years has helped a great many churches recover and find firm footing on the path to recovery. Antioch has helped churches nationwide find an honorable solution to save their ministry—and move forward toward future growth. Some of these are described elsewhere on our website.
DON’T APPROACH A BANK WITHOUT BEING PROPERLY PREPARED
Don’t wait to call us. If you enter into discussions with your bank without Antioch by your side, chances are you’re not presenting the most compelling case to the bank for why they should work cooperatively with you through these challenges. Knowing what to say to your bank and what materials to prepare in advance is critical. Antioch knows banks and we understand where they’re coming from. We understand the options they might consider giving you—anticipating those choices is the key to preparing for them. Churches often tell us that Antioch “got a tough job done when no one else could.”