Small loan Loan Payoff!
On June 1st of 2017 the Church of Saint Henry refinanced its mortgage with Farmers State Bank of Hamel. One of the many blessings from this transaction was the creation of two notes and mortgages with matching terms. At the time, most loans over $2.5 million would have been classified as a “Jumbo” loan, and there would have been extra parameters involved with this type of loan. The loan officers at Farmers State Bank decided to split our $3,183,679.70 debt into a $2.5 million dollar note and a $683,679.70 note. The Accelerated Debt Reduction, and previous “All for the Glory of God Capital Campaign”, payments had been made directly to the smaller note above and beyond the amortized or monthly payments. We wish to share with you that the final payment of the $683,679.70 note has been made!! Our new amortized or monthly mortgage payment has now dropped from $19,820.10 to $15,563.83. Our Finance Committee will work to determine where to apply the $4,256.27 that we will free up each month. The current balance remaining on the $2.5 million dollar note is $2.14 million. Thank you so much for your amazing, prayerful support!!
Wondering how we are doing financially? WE ARE TRULY BLESSED! Thank you for your continued support of our parish and furthering the work of the Kingdom in our community. Our finances at the end of February 2020 were fantastic. Father Tony believed they might have been the best he could remember. Our General Operations income was above last year’s numbers and right on budget while the Building Maintenance and Accelerated Debt Reduction incomes were ahead of budget. Your stewardship allowed us to charge into very uncertain times with GREAT HOPE! The current financial overview as of the end of May 2020 is still amazing. We are at 99.5% of last year’s General Operations income and only 5% below budget. This is truly wonderful as our expenses have also decreased. The Building Maintenance and Accelerated Debt Reduction incomes are still holding strong as well through the end of May. THANK YOU AGAIN!