wfn.org | PILP Closes $264,000 Loan

[PCUSA.NEWS@pcusa.org]

19-August-1997 
97317 
 
    PILP Closes $264,000 Loan to Grace 
    Covenant Presbyterian Church 
 
    by Julian Shipp 
 
LOUISVILLE, Ky.--The Presbyterian Investment and Loan Program (PILP) has 
closed a $264,000 loan to Grace Covenant Presbyterian Church in Orlando, 
Fla., according to program officials here. 
 
    The loan was underwritten in conjunction with the Presbyterian Church 
(U.S.A.) Church Loan Program as part of the total loan package of $500,000. 
 
    "This partnership arrangement is convenient, efficient and financially 
advantageous for the 750-member congregation," said PILP president the Rev. 
Kenneth G.Y. Grant. "The money permits the congregation to refinance an 
existing mortgage, build new education and office space and expand the 
worship center." 
 
    According to Grant, construction has been completed and the 
congregation has dedicated its new facilities. This action brings the 
amount of money loaned by the two-year-old program to more than $2.1 
million. In addition, Grant said, PILP has current loan commitments 
totaling more than $5.4 million and pending requests for another $5.8 
million. Grant said he expects to see action completed on these requests 
for financing by the end of 1997. 
 
    PILP's management projects that a reduction in interest expenses 
totaling more than $132,000 per year will be realized by congregations that 
have already applied. The program's mortgage interest rate is currently 8 
percent, significantly lower than rates offered by many commercial banks. 
 
    PILP underwrites loans for refinancing existing mortgages and finances 
expansion projects and new construction. For more information, contact 
Betsy Blocker, PILP senior administrative assistant, at 1-800-903-7457 or 
(502) 569-5868. E-mail can be sent to BetsyB@ctr.pcusa.org and regular mail 
to Betsy Blocker, 100 Witherspoon Street, Louisville, KY 40202. 

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