We have been working on building a new facility for several years and a few years ago entered into a construction loan agreement with Harris Bank. When we entered into the agreement they were unwilling to loan us enough money to finish the project, our banker indicated they preferred to loan us a little to get started with and promised to add funds as the church grew and the project moved along.

In March of 2008 we held a fundraiser and received pledges totaling about $500,000 over a three year period. This information was submitted to our banker and we were told that the bank would lend us another $900,000 toward our new facility. We were even told we could write a check knowing it was going to over draw our account, but were told by the bank they would honor it because the additional money for our loan was about to come through.

The $900,000 would have been enough in our opinion to have finished phase one of the project. Phase one would include construction of the entire outer shell of the building, finishing the two gymnasiums and the classrooms for our school and Sunday School. We would worship in one of the gyms while the money was raised to complete the sanctuary.

As time drug on into the later spring and early summer of 2008 the communication with the bank became more and more difficult to complete. We were finally told that our banker had left, we later learned he had been dismissed.

During the summer (June or July), the bank requested a meeting with our Pastor, our Finance Team and Trustees. In this meeting the bank informed us that the construction efforts were not completed to code, that the bank had commissioned a review of the project to date. The review had revealed that the steel hadn’t been erected properly, that the concrete was not to code and no inspections had been completed.

We refuted all of the banks claims, the construction had been inspected by the Village of Channahon, concrete was not allowed to be poured at any time without a village inspector approving first. The village had inspected and approved all of the steel work and all of the septic system had been inspected and approved by the health department.

During this same meeting the bank informed us that the work that had been done would have to be torn down, scrapped and started over from the start. They estimated the total to complete the project at more than 11 million dollars.

All of our estimates had put total construction of the entire facility at just under 6 million dollars. The bank would not show us their report, they told us we would have to pay them 6 thousand dollars to get a copy. We still have not seen the report the bank referred to in this meeting.

During this meeting the bank also floated out the idea that they would possibly begin foreclosure proceedings on the property. This meeting, and the statements made by the bank, caused a lot of concern and fear in the church. Many people left for fear that the bank was going to foreclose on our property.

Sometime later in the fall of 2008, we received a letter from the bank indicating that we had until October 18 to pay off the entire loan amount. Presently that loan amount sits at just under 1.5 million dollars.

We have received two other similar letters which have extended the date for payment of the loan. We receive monthly statements indicating the loan is past due. Recent statements from the bank have indicated that foreclosure proceedings may be much closer to starting than they have in the past. While the bank has not explicitly said it, they have made stronger statements to our attorney to this effect.

Throughout the entire time, FBC has continued to make the monthly payments on the loan. To date, we have not missed a single payment and to my knowledge we have not been late on any payments either.

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