A tale of
2 lenders
By Mike Schueler
Out of space and out of time , Sunnylane Church needed a loan to grow . But the promise of an ultra-low interest rate turned into a financing nightmare for this Oklahoma City congregation .
Student Pastor Drew Sanford ( left ) and Senior Pastor Danny Gandara
Drew Sanford was frustrated . He ’ d already wasted too much time working to secure a loan for Sunnylane Church , the Southern Baptist congregation where he served as student and administrative pastor . A California-based credit union had wooed Sanford with an ultralow interest rate , but after nearly four months of negotiations , the relationship had yielded little more than a mountain of paperwork . Sanford says he felt like he was getting nowhere , and the church didn ’ t have time to lose .
Nestled in a suburb of Oklahoma City , Sunnylane was growing . Attendance on an average Sunday morning regularly topped 300 , and though the church ’ s sanctuary hadn ’ t yet reached capacity , education space was at a premium . Adult Sunday School classes — which Sunnylane brands “ Connect Groups ” — were completely out of room , forcing some classes to meet in odd , improvised spaces like hallways or the foyer outside the church ’ s sanctuary . Danny Gandara , Sunnylane ’ s senior pastor , says it ’ s a good problem to have , but one that needed to be addressed quickly to facilitate future growth . “ The heartbeat of Sunnylane is advancing the Gospel throughout our community . We want to focus outward , not inward ,” Gandara explains . “ As our Connect Groups grow , we want them to birth new groups . But finding the space to accommodate these groups has been one of our biggest challenges .” As Gandara and Sanford searched for a solution in the summer of 2021 , they quickly ruled out new construction — costs were simply too high . That ’ s when they turned their attention to an existing church building adjacent to Sunnylane ’ s property . The church had disbanded , and the building was no longer in use . It needed significant renovation but would be cheaper than new construction and would provide Sunnylane with plenty of growing room . Total estimated cost for the project , including the property purchase , was about $ 500,000 . With a plan in place , Gandara and Sanford turned their attention to financing . They reached out to WatersEdge Ministry Services , which had provided the loan that funded construction of Sunnylane ’ s sanctuary 12 years earlier . WatersEdge offered a competitive interest rate for the new project , but Gandara and Sanford wanted to ensure they were being good stewards of the church ’ s resources , so they also shopped the loan with several banks . That ’ s when a credit union made an offer they couldn ’ t ignore : 3.25 % — nearly a full percent less than any other quote they ’ d received , including from WatersEdge . The rate represented an overall savings of hundreds of thousands of dollars .
38 CHURCH EXECUTIVE | NOV / DEC 2022