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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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Presentation Transcript
slide1

Foundation Loan Services

Jerry Vaughan

Senior Vice President

slide2

Types of Funding Options

  • Traditional Loans
  • Church Bond Programs
  • Upfront Cash, Pay As You Go
slide3

Traditional Loans

  • Sources:
    • The Baptist Foundation of Oklahoma
    • Local Banks
    • Other Nationwide Lenders
slide4

Traditional Loans

  • Characteristics:
    • Credit Qualification
    • Mortgage Requirement
    • Title Work (Title Insurance, Title Reports)
    • Appraisal of Property, Surveys, EPA Reports
    • Closing Costs
slide5

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
slide6

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
slide7

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.)
slide8

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
slide9

The Baptist Foundation of Oklahoma

A Ministry and Business Partnership Between

The Baptist Foundation of Oklahoma

and

Oklahoma Baptist Churches

slide10

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
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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.
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