Many have asked questions about the loans we took for Renovate ’23, so let me provide some background and details.
Q1: How many loans do we have for Renovate ’23 and how much are they?
A1: We had two loans.
- Loan #1 – $3.95M – This is our primary or mortgage loan (Loan #1). Payments are amortized over 20 years with an interest rate of 4.5%, for the first five years. The interest rate is adjusted every 5 years with the first adjustment being in November 2027.
- Loan #2 – $796K – This was a one-year interest only loan with at a rate of 8.5%. This is the loan we paid off in July with Limitless.
Q2: Why did we take out the second loan?
A2: The shortest answer is that we were going to complete construction before all the pledges were received. At the time we took out Loan #2, we had over $500K in pledges not received yet. We didn’t need the money for any particular item. We just needed it to pay for the end of construction. As it turned out, many of the construction items left at the end were part of the Owner’s Scope, like parking lots, landscaping, audio visual equipment, auditorium seating, etc.
Q3: How much do we owe in loans now?
A3: Since we paid off Loan #2 at the end of July, we only have one loan left, the mortgage loan (Loan #1). As of September 1, 2025, we owe $3.765M on the mortgage. We have paid off $185k of the principal by normal monthly mortgage payments that works just like a home loan.
Q4: How much are our monthly payments?
A4: $25,560.10 per month. About $10k per month pays toward principal with the remaining $15k going to interest.
Q5: How can we help?
A5: First, and most important, pray for the Lord’s work in Granbury and our missions. Please continue your financial support through regular giving to the General Offering, the CSC, Missions and other ministries. In addition, as you are blessed, donate to the Building Fund to help us pay off the mortgage loan.
May the Lord bless you and the work of the Granbury Church of Christ. We praise Him and pray for his guidance.
The Elders