Foundation Loan Services
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Foundation Loan Services. Jerry Vaughan Senior Vice President. Types of Funding Options. Traditional Loans Church Bond Programs Upfront Cash, Pay As You Go. Traditional Loans. Sources: The Baptist Foundation of Oklahoma Local Banks Other Nationwide Lenders. Traditional Loans.

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Foundation Loan Services

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Foundation loan services

Foundation Loan Services

Jerry Vaughan

Senior Vice President


Foundation loan services

Types of Funding Options

  • Traditional Loans

  • Church Bond Programs

  • Upfront Cash, Pay As You Go


Foundation loan services

Traditional Loans

  • Sources:

    • The Baptist Foundation of Oklahoma

    • Local Banks

    • Other Nationwide Lenders


Foundation loan services

Traditional Loans

  • Characteristics:

    • Credit Qualification

    • Mortgage Requirement

    • Title Work (Title Insurance, Title Reports)

    • Appraisal of Property, Surveys, EPA Reports

    • Closing Costs


Foundation loan services

Church Bonds

  • Characteristics:

    • Two Types of Bonds

      • Faith Bonds (unsecured, not very common)

      • Mortgage Bonds (secured by mortgage)

    • Loan funds generated by sale of bonds

    • Bondholders repaid, with interest, by church


Foundation loan services

Church Bonds

  • In most cases church assumes responsibility for selling the bonds, which can be laborious and involves legal issues

  • Church settles for whatever amount of bonds are sold

  • Bond repayment arrangements may be more restrictive than other forms of financing

  • The actual cost of financing is generally greater than the stated rate


Foundation loan services

Upfront Cash, Pay As You Go

  • Good concept for small projects

  • For larger projects requires a significant amount of funding prior to beginning construction

  • Can lengthen building process and risk rising construction costs as cash flow varies from month to month

  • Church may not have use of facilities as quickly (scheduling of contractors, purchase of materials, etc.)


Foundation loan services

Capital Fund Raising

  • Can be used whether a church decides to borrow, issue bonds or build debt-free

  • Great source of upfront cash and cash flow during project construction and repayment

  • Teaches the congregation about planned giving above the tithe

  • Significantly reduces debt over a short period of time


Foundation loan services

The Baptist Foundation of Oklahoma

A Ministry and Business Partnership Between

The Baptist Foundation of Oklahoma

and

Oklahoma Baptist Churches


Foundation loan services

The Baptist Foundation of Oklahoma

  • Fast and easy loan process

  • Competitive interest rates and terms

  • We know Southern Baptist Churches…our only customer

  • No appraisal requirement and No prepayment penalties

  • All interest paid is distributed to Kingdom causes


Foundation loan services

ALL INTEREST PAID ON LOANS BENEFITS KINGDOM CAUSES!!

OBHC

OBU

BGCO

CHURCHES

OTHERS

BFO

SBC


Foundation loan services

  • The Foundation is committed to:

  • Providing a fast, easy and convenient loan process

  • Competitive interest rates and terms

  • Low closing costs

  • Our goal is to help churches borrow wisely and service debt efficiently.


Foundation loan services

“…through us your generosity will result in thanksgiving to God.”

II Corinthians 9:11b


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