After we agreed with the sellers on their request of $3,000,000 on April 30, we began to ask the Lord for the finance to complete the purchase. We were to pay a down payment of $1.5M when we sign the sales agreement on May 13 and upon the transfer of title, we were to pay a total of $2M for the balance with all fees and taxes. The Lord gave us $2M through some brothers in the Far East. We will need another $1.5M to close the sale.
We have not signed the initial agreement because of two problems:
1. We transferred $100,000 and the bank charged us 3%; therefore the cost of transferring $2M will be approximately $60,000. After much prayer, we have found out that the City Bank in Mexico would charge us a minimal amount for the transfer. Thank You Lord.
2. Initially, the sellers were shocked at the taxes they have to pay because it was built by their father 40 years ago. They are researching ways to pay less taxes. Through our desperate prayers, they have agreed to pay the taxes required by the law. Praise Him!
Now, we have agreed to sign the agreement and pay them the $1.5M down payment this Tuesday, June 2 at 5 PM Mexico City time. We have modified the original agreement which was written by our lawyer brother that they have looked at before. One point is to delay the last closing day to September 1 so that we may have the time to collect offerings of $1.5M to complete the deal.
The saints in the churches in Mexico have begun to offer. We also have some properties to sell that may give us approximately $600,000 USD. However, there will not be $1.5M before September 1. We will need help from outside of Mexico either in gifts or in loans.
There will be a need of remodeling for us to use this building for our training center. There are three considerations:
1. A simple remodeling that may cost $1M: change all the electrical and pipes, a kitchen to feed 200 trainees, sufficient restroom facilities for 200 trainees, and subdivide some rooms for fellowship and offices. The building is 40 years old and we could use it for 15 to 20 years.
2. A simple remodeling and seismic retrofitting that may cost $2M.
3. Build a new building with dorms for 200 that may cost $10M.
Please pray for the Lord’s move concerning these matters to have a smooth transaction and transition.
From the coworkers serving in Mexico
