Two different scenarios.
You start out with:
"They need to raise 1.4 million for down payment and to secure a loan."
Tony wasn't trying to get Aerline to finance this deal.
"They raised roughly 1 million dollars."
"We have about 600k in the building fund."
Which is it, roughly a million or about 600k?
Tony handed over the non-refundable $1 million purchase deposit.
"We have sufficient cash to buy the building but we have not raised the amount needed to feel comfortable getting the building as of yet."
I'm sure Tony was hoping he could secure financing before anybody found out he lied about having "sufficient cash on hand or other sources of immediately available funds to enable it to make payment of the Purchase Price and consummate the transactions contemplated by this Agreement."
The time for Feeling Comfortable with this deal, went out the window when Tony signed the agreement on August 30, 2017.
Why in the world, would your church want to secure a loan, that requires a $1.4 million down payment, to buy the building, when the about 600k in the building fund, is sufficient enough cash to buy the building?
