Any commercial real estate investors familiar with churches?

[Mandy Whittle]

I am not familiar with commercial real estate.  I have inherited a school that is growing quickly.  We outgrew our last facility and are looking for a new home by August 1.  We meet only Tuesday through Thursday so want to partner with a church that needs help.  Or purchase a facility that could be rented for events during the weekend.  I'm a residential investor and am open to creative financing.  I just need help finding a deal!  Anyone?  

[Robin Simon]

Speaking as a lender (not investor) with some experience in small balance commercial lending, I can tell you that it is likely going to be tough to find financing most likely as a lot of commercial lenders tend to stay away from churches, although could be more favorable if the building is true retail/office rather than a structure built specifically in the style of a traditional church (i.e. hard to transition to other tenants if needed)

[Henry Clark]

The churches you will need to cover yourself.  Wednesdays are usually out.  

I would look at Loopnet Commercial for Lubbock Texas, if that is where you are at.  Use the filters on Dollar and sq foot for the buildings.  Try to see a ball park of what is possible.  Pick one or two and then come back and reference them on here.  Then ask for creative financing scenarios.  Hard to do creative without some sort of context.  Then how much funding do you have?  How much does the school bring in, positive cash flow.  The current building do you have equity.  

[Mandy Whittle]

Thank you!  I'll check out Loopnet.  

[Scott Krone]

@Mandy Whittle 

We have worked with numerous churches to assist them with acquiring, financing, designing and building their facilities.  Each of them sought the property for their primary purpose of worship/office/etc, and then sought out additional uses as well - nursery school, food bank, place of worship for a Jewish congregation (Saturday versus Sunday), auxiliary space for the local library that needed additional educational space, counseling, etc.

There is merit to your concept, but many factors come into consideration:  zoning, parking, how easy it is to "convert" space, etc.  Zoning should not be too much of an issues, but uses may alter parking requirements.  On the plus side, lenders review that as well as they will look at the size of the congregation, giving strength, as well as other sources of income. 

[Lucia Rushton]

Quote from @Mandy Whittle:

I am not familiar with commercial real estate.  I have inherited a school that is growing quickly.  We outgrew our last facility and are looking for a new home by August 1.  We meet only Tuesday through Thursday so want to partner with a church that needs help.  Or purchase a facility that could be rented for events during the weekend.  I'm a residential investor and am open to creative financing.  I just need help finding a deal!  Anyone?  

I would honestly call your local churches and ask them if they have space or know a church that needs help. Usually they network amongst themselves and they can be helpful. best wishes,

[Mandy Whittle]

Thank you for all of your help!  

[Samuel Eastling]

Hello Mandy,  

I work for a company called Visioneering Studios, we are a design+build firm that focuses on churches! If you want to talk offline, I believe I could help connect you to the right people!

Happy Friday,

Sam Eastling

[Henry Clark]

If in Lubbock Texas.  On loopnet there is a school for sale.  27,020 sq ft.  4,950 sqft gym.  5.8 acres.  $350,000.  If I was back in Lubbock, I would buy it just to buy it.  

[Matthew Drouin]

Mandy, since August 1st is on your door step I would find an already existing church and rent space from them.

I like the idea of a church because most of them are still struggling post COVID and could use the extra income and probably won’t kill you on rent.

I would set up meetings with pastors and get face to face with them and communicate your needs.

If they don’t have space, they usually would know of one who would.  Get set up and then if a purchase was something that you wanted you have the time to find a permanent home!