By Tim Svoboda, YWAM San Francisco & Bay Area coordinator. July 26, 2014
A major victory has just taken place! The seller’s attorneys have conceded that we are financially strong enough to purchase these properties. Thank you to all who helped us raise an astonishing $1.04 million in time for Friday’s deadline. And thank you to a partner who is standing guarantee for the amount we don’t have until we come up with it. This is a major victory. “The Lord has done great things for us and we are glad.” (Ps 126:3).
We now need to move onto solid ground. We are deeply grateful for this generous champion who has, in faith, risked a large amount of money to see us obtain this property. We don’t want to depend on this extremely generous investment, but want to secure a loan or pay the entire amount by September 23, 2014.
The full purchase price with closing costs is around $4 million. God has provided to date $ 1.04 million and that puts us more than 1/4th of the way there! We now need to bridge the remaining amount of $2.96 million by September 23rd, which is less than 60 days away.
Our FIRST GOAL is to pay cash for the properties and not to incur any debt. We are believing for that and continue to pray that we will “owe no man anything but love,” which is what we know the ministries in these properties are called first of all to accomplish. However we must be practical and we are pursuing loans and going through the pre-qualifications now.
Our SECOND GOAL is to limit the amount we borrow from a financial institution and want to raise all we can between now and September 23rd when that loan will go into effect. The more we raise the less our monthly payments will be and that frees up our finances to go to those we are serving and reaching out to here in the Tenderloin.
YWAM San Francisco has been in the Tenderloin since 1995. Our main building is home to 30 full-time staff. In our history, more than 16,000 people have participated in short-term outreach from our facility, More than 380 people have attended our six-month residential Discipleship Training School, and more than 100 staff members have joined us for at least two-year commitments. Since 2008, our Food Pantry ministry has fed the hungry with more than 200 tons of food. Hear about some of the testimonies about YWAM’s work here. We love the Tenderloin, and it is our honor and joy to serve our neighbors. However, we are in danger of losing our facilities. We have been trying to buy the two buildings on Ellis Street that we’ve been operating out of since 1995. Our landlord always refused to sell…until May 16.
On May 16, we learned that a third party had submitted a cash offer of $3.75 million for the properties we call home in the Tenderloin area of San Francisco. Because we have the first rights to purchase these properties, we had to match their offer. We have moved in faith believing that we are to inherit these properties. Our landlord required that we prove our financial credibility on July 25, 2014; which, by God’s grace, we did.
We are trying to raise the entire $4 million to own this property debt free in 60 DAYS! This can be done and we need your help. We want to minimize any loans that we must take. Please continue to stand with us to see this project completed. Help us to put a stake in the ground and stay here! The Kingdom value of this work is greater than ever. Your investment generates an “eternal rate of return.”