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Loan Rate Change to Complement the Local Church Mission
CHICAGO, IL (March 19, 2003) - Higher-end interest rates that some local
Evangelical Covenant churches were paying on property loans from National
Covenant Properties (NCP) were reduced effective March 1, according to
David W. Johnson, NCP president.
The change affects loans initiated at rates consistent with market
conditions at that time, Johnson explained, but loans now in need of
adjustment in light of current market conditions. "Monthly payments were
adjusted to reflect this change," Johnson said.
The change affects approximately 80 Covenant church loans, resulting in a
combined cash flow savings to those local churches of more than $700,000.
Johnson noted that the changes come prior to the normal rate adjustment
date for each of the loans.
"The NCP Board took this action to assist Covenant churches in their local
mission," Johnson said. "We are pleased that we were able to take this
step."
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