Church Extension Plan
Client Review on Church Extension Plan
Feedback:
Be careful. Notice that it is not FDIC insured. Our church found out that our pastor took out 4 mortgages in the last 10 years from CEP and the pastor before him took out another one. That makes 5 mortgages on our property. The mortgages totaled 1.8 million when we only had under half a million in building permits. In addition, the only thing we had done was two remodel jobs and the last one we raised enough funds to pay for the remodel - so we are left wondering just how they got a mortgage and why? Also, as of our churches 2010 financial statements the total debt on us was larger than the original amount of the mortgages! Either we had other long term debt or CEP let the church pay interest only - and the first mortgage was taken out in the 90's! Substantial principal should have been paid down by now. Thought if you invested in CEP the $ went to build or expand churches. If all money has been invested like it was in our church then I would be very concerned.
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