A faith based non-profit organization found itself at a critical impasse when its lender would not renew a letter of credit backing a bond indenture unless the organization immediately paid down its tax-free public bond to achieve an 80% loan-to-value ratio, without the use of its endowment fund. The organization had experienced multiple years of decreased funding from state agencies while private fund raising had declined significantly due to due to the second great depression from 2008 through 2012, and had significant exposure on an interest rate SWAP. Cash flow short falls, operational and capital projects, had been continually funded through its endowment fund. Real estate was the primary collateral backing the bond had experienced a significant decline in value during the second great depression, and the organization was in the middle of a significant capital improvement project. Lastly, very few lenders were in a position to finance the tax-free credit facility, and even fewer were interested in refinancing the interest rate SWAP.