Good response from the church. Taking cash from "group A" or floating a five year note from Tally is a risk based decision. The members of the church decided and went with it.
If that's the truth, not sure where Tally was wronged. Disappointed, yes. But wronged?
He may have burned the bridge to lots of his Sunday morning crowd.
I don’t get where the risk was to the church unless they owed money on the property or were in a cash crunch and needed the funds now, not spread over five years. If he defaulted, it’s a high traffic intersection, they wouldn’t have to sit on he property for long or worry about a deficiency balance if they foreclosed.
By all appearances, this seems to be a lucrative business which has been around for nearly 30 years. They live in a $1.2 million house a few blocks from Cascia Hall. Somehow they managed to obtain a mortgage for that.
I ran the numbers and at 6%, that would have been roughly a $20,000 per month payment. I can’t imagine they are charging him that much in rent.
There again maybe one of the church members ran an OSCN on Tally and his wife and figured they weren’t the sort of people to engage in a major contract with them. The Alames seem to spend more time in civil court than Michael Sager.
http://www.oscn.net/dockets/Results.aspx?db=tulsa&number=&lname=alame&fname=&mname=&ident=&DoBMin=&DoBMax=&partytype=&apct=&dcct=&FiledDateL=&FiledDateH=&ClosedDateL=&ClosedDateH=&iLCType=&iYear=&iNumber=&citation=