Working with Beraca Baptist Church was an atypical loan, but consistent with Cornerstone Fund’s core value of working with Converge churches.
“Several years ago Beraca Baptist Church purchased a building for our growing congregation. Owning a building for the first time, we had no idea we had to fill out a federal form each year to avoid paying property tax. Two years went by and we didn’t pay any property taxes. The government placed a lien on the church, and now someone held a lien on our property of about $80,000. If not for one of our church members reading the newspaper we would have not seen the public listing of the church.
We took action to find out why there was a lien on the church. We contacted the city and notified them of our Federal tax exemption. The city responded by informing the church that the property tax exemption needed to be completed yearly.
Due to the church neglecting to pay taxes a lien was placed on our church building. Someone had purchased the lien and now the church was responsible to pay the lien holder $80,000. If we didn’t pay the lien within three months we faced losing the building.
I called Cornerstone and explained the churches situation. They worked with us as we focused on paying off the lien. Once the lien was paid off we resumed paying down our original Cornerstone mortgage. You don’t get that partnership and commitment with a banking institution. A bank would have likely shut us down, took the building and sold it to pay off the lien. There was a good chance our church ministry could have been snuffed out by this ordeal. We are so grateful to Cornerstone Fund for understanding the difficulties that churches go through. Cornerstone was willing to work with our church and help us navigate through the murky waters”.