CC Ft. Lauderdale Financials: Celebrity Preacher Wanted
It’s a fascinating look inside of the financial life of a mega church.
The thing that stands out to me as a former banker is a short term loan held by Bank of America for $35,000,000.
It calls for balloon payments of over $3,000,000 for this year, 2015 and 2016, a $2,000,000 payment in 2017, and a whopping $23,000,000 balloon in 2018.
The church had about $9,000,000 in cash on hand as of last June.
That will start disappearing immediately.
Now, that loan was undoubtedly given based on the earning power of Bob Coy.
It is also possible, depending on how the loan was written, that it could be called immediately now that he’s gone.
Bank of America could choose to attach some of the $90,000,0000 in equity the church possesses on the property.
Churches of that size are dependent on the power of personality…and without that personality, the giving and attendance drop precipitously.
I think the Bible calls that idolatry…
CCFTL is in need of a savior…will one appear?