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We had almost completed the financing of the land for the Temple and we thought we were "home free". Then, at the last moment, the lender demanded personal signature guarantees. The rules were clear. If we asked for 10 congregant signatures to personally guarantee the land mortgage, each signer would be responsible for his/her one-tenth share and if any other signer defaulted, the remaining signers would be responsible for that portion also. If nine defaulted the tenth would be responsible for the entire amount. I asked for volunteers and within 20 minutes had the required signatures. The response was so overwhelming I had to turn away volunteers.
Having overcome this obstacle we then faced the building mortgage. With virtually no assets, and no real financial history, we were in a very weak position. Fortunately we had some congregants who were business owners (myself included) and they had their accounts with one of the larger banks in the area. I made it known to the bank that these business owners would look kindly on the bank that gave us our mortgage (and by inference the reverse was also true). We got our mortgage pledge and met with the bank personnel in an extremely spacious and well appointed conference room overlooking City Hall.
They had their group on one side of the table, including a senior VP, and I had our group on the other side of the table. Not necessarily anticipating any problem, but needing all the ammunition I could muster in case a problem arose, I had our side "stacked" with some of the business owners who had their accounts at the bank. At the very end of the meeting, just before the signing, they dropped their "bomb". Our negotiated interest rate was 18% (can you believe anyone would be building anything at that interest rate?) and they insisted on a 12% "floor". Our side then demanded a 24% "ceiling" and the VP politely informed us he could not approve that. I remember glancing first at the VP, then at the "heavy hitters" I brought with me. My message was very clear. I suggested it would be in the bank’s best interest if he would go upstairs and find his superior officer who had the authority to approve it. There was dead silence in the room as the VP exited.
Although it sounds ridiculous today that interest rates could go above 24% we were fearful at the time that it could happen, and so was the bank. For about 20 agonizing minutes we sat in virtual silence, each of us with our own thoughts and fears, until the VP returned. When he returned and took his seat we learned the other side had "blinked". We got our mortgage, and as the saying goes, "the rest is history!"
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