Making Room Update

Terms for GUMF Loan

Lender: Georgia UM Foundation

  1. The loan will begin as a construction loan for phase 2 of the renovation at a rate of 5.75% beginning October 1 (estimated). The church will pay only interest during the construction phase until around April 1.
  2. After construction is completed, the loan converts to a 20-year mortgage at the prevailing rate at the time of conversion, likely around 6%. When the loan converts to a mortgage, the church will pay the principal and interest. The payment will be auto-drafted from the church’s bank account at the beginning of each month.
  3. The church will pay closing costs but no points or application fees.
  4. The interest rate is guaranteed for five years. The loan is renegotiated every five years to reflect the current interest rate at that time.
  5. No penalty for prepayment.

Sample Ballot for Vote on August 27, 2023



AUGUST 27, 2023

The Way Woodstock church council has recommended that the church secure a $350,000 loan to complete the renovation of Latimer Hall without interruption, to be repaid with existing and future Making Room pledges/gifts and supplemented with funds from the church’s operating budget, if necessary.

YES. I support the church council taking out a loan now to complete the Latimer Hall renovation.

NO.  I do not support the church council taking out a loan at this time. Work on Latimer Hall should stop until we have the funds in hand to cover the costs.