Now that Greater Salem Church has been sold, what happens next?

A spokesman for the California credit union that purchased the church at auction Friday said, well…that depends.

Jac La Tour, a spokesman for the Evangelical Christian Credit Union in Brea, declined to discuss specifics of the Greater Salem case. However, he said, in similar situations, the company tries, whenever possible, to have congregations re-occupy properties.

“I can assure you that conversations are underway about what happens next,” he said. “Will they lease the property? Will they vacate the property? Every situation is different.”

The credit union, which issued a $5 million loan to Greater Salem in July 2008, ended up owning the property after bidding $5.1 million Friday at a public auction at the Mecklenburg courthouse. According to initial foreclosure documents filed in August, Greater Salem had not made a full payment on the note since September 2009.

Church officials have refused repeated offers to talk with Qcitymetro.com. As recently as Friday morning, however, the Greater Salem congregation appeared to still occupy their main west Charlotte building.

In addition to that building, the auction also included:

• A second church location at 17609 Old Statesville Road in Cornelius.

• Vacant land on the north side of Rozzelles Ferry Road.

La Tour said all the properties would be put on the market and that any interested bidder – including the Greater Salem congregation -- could tender an offer.

“If the church is interested and is able to meet all the loan requirements…then they would be a very viable candidate to purchase the church,” he said, “We’re always trying to do what’s in the best interest of the church.”

La Tour noted, however, that because of the near-collapse of the real estate and financial markets, lenders have become much more demanding when considering a borrower’s credit worthiness. He said the credit union also has an obligation to do what is in the best financial interest of its members.

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