Alhamdulillah, this year has been a bit of a roller coaster ride for us with many tests that Allah subhanahu wata’ala in His Infinite Wisdom has been testing us with. With the purchase of the Madinah nearly falling through in Jan 2017, Allah showed us how when He Wills, the community can support a project in ways that would never have been dreamt of and as you are aware, within a month we purchased the property for $4.5 million Allahu Akbar. This comprised primarily of $2 million in contributions from the community and the balance $2.5 million a mix of short term & long term loans.
While the great news is that we now own the building at 359 Exhibition St, Melbourne – right in the CBD of Melbourne, obviously the not-so-good news is that we have a pretty big loan to repay.
Please see below for a break down of finances & we look forward to your continued support towards raising the deficit amount needed.
Summary of financials
- Total Long term loan repayment: $1,650,000
- Total Short term loan repayments due: $755,754
- Total Short term loan repayments completed so far: $435,754
- Remaining Short term loan repayments due
- May 2018: $270,000
- June 2018: $50,000