Is the WTS "refinancing" KH loans?

by doinmypart 21 Replies latest jw friends

  • ziddina
    "However, being in the construction estimating business, I still have a problem how with all the "volunteer" labor the material cost were $350 K plus what the publishers contributed. ..." JakeM2012

    Yeah, when I heard about the elimination of interest on Society loans, I wondered how the Society would make up for the lost revenue. Way back when I first joined this board, some people had discussed the loans to build THEIR kingdom halls, and one or two had mentioned speaking to the local banks and discovering that the interest rate on the Society's loans were equivalent or slightly higher...

    I guess now we know how they're planning on making up the difference - or generating an even greater profit.

  • puffthedragon

    I have been in several older halls that had basements and a few of them had little kitchenetes. When I was in Bethel, my hall had a basement with a little kitchente in it that they let us use because on Sundays we would come out and have a long dayin the territory so it was a place we could relax while waiting for the meeting.

  • wha happened?
    wha happened?

    I suppose the 0% carrot was enough for the local dubs to take out the loan, and sign over the deed. Now that all these KH's have been acquired, now it's time to pull the cash back in. There's bigger and better areas to speculate in. Oh yea and they are a religion


    Publishers do not put into the box the amount of money they have originally promished due to economic crisis and so you have all those letters from the society to make them feel guilty and put more.

  • Balaamsass

    I had a JW tell me about a hall that is now 3xs the original bid. All planned out by the RBC. He is in construction and asked the obvious, how can a project with donated land and labor be 300% off? Something smells. Perhaps it is like assembly hall expenses. The announcement is made: "Brothers we need X$$ this week to pay for the lights". THAT figure is usually a flat out LIE. The number represents basic costs, a sum for a balloning "staff" and a HUGE pre-promised donation to the Watchtower Society. I sat in some of those circuit "budget" meetings ..what a crock of #!. Very padded. Anyone in construction, development, real estate or adjusting will tell you each area has rule of thumb sq ft building costs. Yes costs can ballon, but a simple hall is not a space shuttle project.

  • darth frosty
    darth frosty

    On the kitchen or pioneer room in halls that was part of the remodelling scam. When they got rid of the interest on KH loans they ramped up the RBC remodeling and had congos taking out loans for remodels.

    Here in detroit I know of 3 KH that could not afford the remodelling scam and the congos that use those halls are being forced to move in to other halls and sell the bldg.

  • RagingBull

    Maybe I'm missing something... If it's the Watchtower's property...and the members have to PAY for it, do they (members) get money when such property is sold? hmmm??

  • ziddina
    "If it's the Watchtower's property...and the members have to PAY for it, do they (members) get money when such property is sold? hmmm??..." Raging Bull, page #1

    Yes, I think that you're missing a crucial point or two...

    If I understand the process correctly, the process goes something like this:

    The congregation members pledge donations in order to buy the land - unless the land is donated.

    In the case of the land being donated, the congregation needs to obtain funds to do the "quick-build". A loan - "interest-free" loan - is then obtained from the Watchtower Society. I suspect that there is a certain amount of money needed "up front" to be sent to the Watchtower Society as a statement of "commitment" that the congregation members will fulfill their financial obligation to pay off the interest-free loan...

    After the "quick-build" is completed, the congregation is under obligation to pay off the loan...

    Meanwhile, the Watchtower Society sends the elders of the congregation some sort of legal form, by which the elders are to SIGN OVER THE TITLE OF THE KINGDOM HALL TO THE WATCHTOWER SOCIETY... Even though it is the CONGREGATION who has PAID FOR THE KINGDOM HALL and by any sensible legal system in the world, the CONGREGATION should OWN THE KINGDOM HALL - after the loan is paid off, of course.

    That's how the scam works, from what I've read...

    And of course, the same applies to kingdom hall "remodels". The congregation PAYS for the "remodel" - the remodel is not always needed - but the Watchtower Society already OWNS the kingdom hall in those situations, so in effect the 'tenants' - the congregations - are paying the building's OWNERS [Watchtower Society] for improvements to THEIR asset...

    It would be like you renting a house, when your landlord comes to you one day and says, "I want to add a fancy patio in the back, and a three-car garage, and a breakfast nook, but YOU'RE going to have to pay ME $60,000 for all of the improvements."

    You do NOT get ANY free rent. You still have to continue paying your monthly rental fee.

    You get NOTHING when the rental unit is sold - well, other than an eviction notice...

    Does that clear it up, Raging Bull???

  • sherah

    That's a through breakdown of the scam Zid. This was one of the issues that woke me up.

  • Balaamsass

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