The journey of faith continues! It has been awhile since we have communicated about our progress concerning the potential purchase of the Colony Motel for a ministry headquarters. Actually, things have been relatively quiet. Brandon O’Bryon, our realtor/lawyer, has been submitting offers and the communication has been few and far between from the bank that owns the Colony Motel.
A few days ago the bank contacted us and asked if we were still interested in purchase. Foreclosure is to start January 22nd but they would like to work with us instead. We will be sending them a letter of intent very soon. Once they receive that, the bank will put off the foreclosure and work with us. Once a price is definite, we would have 60 days before payment would be required.
In the past when we have checked with two possible banks concerning a loan, we have been told we will need between 20-25% of the total cost for a down payment. If the price is $225,000, the down payment would be between $45,000 to 56,250. Thus far we have had in excess of $20,000 given toward the purchase of this motel. We may be able to add a few thousand more to that amount. Bottom line, it looks like we need around $25,000 for the down payment. While I was writing this, I received word that $2,000 has been given so we are down to needing around $23,000. Amen!
Perhaps some reading this will be burdened of the Lord to give toward this project. It would be extremely helpful in the writing of our letter of intent if we knew now of any gifts that will be coming. The actual finances would not have to be in for at least 60 days. Please pray since it looks like we are coming down to the crisis moment. We have been looking to the Lord for His will and thus far it has been a blessing to watch the Lord lead each step of the way. We will keep you posted!