Writer Mashaun D. Simon wrote an article on TheGrio today focusing on the foreclosures many Black churches are facing as real estate agents don’t see them as lucrative businesses anymore.
Read an excerpt of the article below:
Gone are the days when a faith-based institution or church could simply walk into a bank and make a loan request or an adjustment on an existing loan.
According to Dr. Richmond McCoy, president and CEO of UrbanAmerica Advisors, big banks are pulling out of the real estate business.
“They are not picking on churches,” he said. “They have just come to realize it is no longer a lucrative business for them anymore.”
As a result, McCoy and his company are putting on an informative seminar, targeting faith-based institutions in Orlando, FL. The purpose of the meeting is to help churches get an understanding of the depth of their problem, McCoy said.