Under Construction

At the December Council Meeting, Council voted to place our construction loan with Thrivent.  We considered three financial institutions: Mission Investment Fund, Thrivent, and Union Bank.  Mission Investment Fund offered a 10 year loan with a fixed 5.25% interest rate.  Thrivent offered a 10 year loan with a 4.875% fixed interest rate.  Union Bank offered a 5 year loan with a 4.32% fixed interest rate.  Council felt that it was better to have a 10 year loan with a fixed interest rate and have the ability to pay it off early.  We are now working with Thrivent to obtain our construction funding and we expect to have our funds in January 2012.  Construction funds currently stand at $65,000.