Quote:
Originally Posted by leastofthese
So all of the elders signed the loan agreement? They used property as collateral that already had a lien against it or were the loans from the saints for something else? Did they finance through a bank?
You said they took out a high interest loan to pay off a low interest loan-then netted a little extra to send to a Titus Chu related fund? All for $10-$20 grand?
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By 2005 there were a few remaining loans from the saints ... the amount above the loans borrowed was over $34k... also borrowed at the high variable interest rate loan from a bank. In the same year the elders diverted 37% of the offerings from the saints, or over $50k to Titus Chu’s projects.
Drake