By the time this note is published in our newsletter, we will be the owners (with a 15-year mortgage) of our own Office and Education Center. It sounds so simple.
Banks and credit unions don’t like to loan money to non-profits for purchasing property. Typically, they won’t touch it without an individual who has very good credit, and deep financial resources, guaranteeing the loan. They also typically require 30% down payment on the loan amount.
We have been extremely careful stewards of our financial resources over these last several years. Since we were able to sell the 22nd Street property, and the timing of that sale lined up perfectly with us being ‘chased out’ of our old East River Rd Office and Education Center, we were perfectly positioned to acquire our new Office and Education Center.
There have been a bunch of hurdles that we have had to jump to make this happen, but nothing we couldn’t figure out a way to address.
We have a bit of deferred maintenance to take care of in the next six months on our new property, as a condition of our mortgage with the credit union, but that is a small price to pay for a 15-year loan with only 25% down and no guarantor required, and the biggest benefit of all, having a suitable, visible location in which we are actively building equity for ourselves instead of paying rent to somebody else.
We’ve been in our new Education Center less than 2 months. We are already seeing an increased visibility for CSL Tucson in the community. There is more to come.
— Dick Laird