Pastor Joel Osteen of Lakewood Church in Houston, Texas, recently emotionally announced that his church paid off a $100 million loan last week.
“It's because of your faithfulness,” Osteen reportedly told the congregation. houston chronicle. “You have repaid it by the mercy of God.”
According to reports CBN Newsthe church had paid off its first $100 million loan from Bank of America nearly 20 years earlier.
“If you look back at the last 19 years, it's been a great year. I mean, Lakewood has been a lighthouse for the whole world. And it was interesting when we got the facility, you know. , it was a basketball arena, same as you, but you know, those bleachers, the service areas, the locker rooms down and where they serve food were not public places. ” Osteen said. “We needed a nursery school, we needed a children's facility. We needed a lot more.”
The megachurch's pastor explained that the church originally leased the facility in 2001 for $11.5 million for 60 years. A few years later, Osteen sought bids to renovate the church, including installing an indoor stage, redesigning the outdoor façade, and replacing locker rooms and dining areas with childcare and meeting rooms.
Lakewood Church also had plans to build a five-story building next to the arena, according to reports. chronicle.
“The bid bill came back and the renovation cost was $100 million. And in a way I thought, 'Oh my god, I didn't sign up for this.'” “I was 36 years old. Then I thought, God gives grace in every season of life,” Osteen said with a smile.
At one point, Osteen went to the bank where he and his late father, John Osteen, had long held accounts to try to secure a loan. But the bank turned them down.
“I'll tell you, guys, they were very negative. They were like, 'Hey, that's not going to happen. I don't think we're going to raise the money.'” So we got out of there. I went and was disappointed at first, but I put it in one ear and out the other,” Osteen said.
Lakewood then attempted to secure financing through Bank of America.
“The first day we came there without even knowing us. They had never seen our financial situation. They said we could borrow 2500 I had a check for $10,000,” said an emotional Osteen.
“I looked at $25 million and I said, 'You guys let me borrow $25 million, would you let me borrow $100 million?' They said, 'We'll do it.' I did. “Bank of America loaned us $100 million,” he continued.
“So, the big announcement today is that we officially paid off our $100 million loan as of December 31st of last year,” Osteen said, crying again as the congregation cheered and gave her a standing ovation. He spoke while flowing.
Osteen pointed out that while the loans have been repaid over the past 20 years, the church has never scaled back its operations.
“We spent hundreds of millions of dollars on media and humanitarian aid. [aid]And helping people all over the world,” he said.
Although the church is now “debt free,” it still owes a small amount on capital equipment, Osteen said.
“What God did for Lakewood, he will do for your life,” he said, moving on to his message. “I believe that in 2024, God will free you from some of the things that have been holding you down. Free us from debt. Free us from addictions. Free us from wrong thinking. .I just believe in a year of liberation, a year of God's grace to do good in new ways. ”
Photo credit: ©Getty Images/Bonnie Biess/Stringer
Milton Quintanilla is a freelance writer and content creator. He is a contributor to Christian Headlines and host of the For Your Soul Podcast, a podcast dedicated to sound doctrine and Biblical truth. He holds a Master of Divinity degree from Alliance Theological Seminary.
