As you may or may not know, Asbury has Three (3) mortgages on our property. Two (2) of the mortgages are with Wells Fargo. The first of these mortgages is the original mortgage and was refinanced in 2013 in the amount of $1,245,130.31 at 3.90 %, with a balloon payment due in 2023. The monthly payment for this mortgage is $7,533.50. This is a typical commercial loan amortized over 20 years with a balloon after 10 years.
The second Wells Fargo mortgage was for the Sanctuary roof and the parking lot repair. This mortgage was refinanced in 2017 in the amount of $221,738.51, at an interest rate of 4.850% with a balloon in 2023. The monthly payment is $2,343.34. This loan was amortized over 10 years. This mortgage has a prepayment penalty of 4% if we pay it off before 2023.
<p”>The current balance on our first mortgage is $913,774.37, and $192,416.85 on our second mortgage. We have made recent progress in reducing our mortgage debt and we will continue to do so in the future. Our long term goal is to be debt free.
The third mortgage mentioned above dates back to 1974 when the church was first built. This $25,000 loan was secured through what is now called the General Board of Global Ministries (GBGM) and was used to make the necessary improvements to the intersection at Springhouse Road and Walbert Avenue as required by South Whitehall Township at that time. GBGM has not demanded any payments toward this loan to date nor has the church made any payments towards this loan as a subrogation agreement was signed in the same year (1974) as the loan itself.