North Pointe Baptist Church Edmond, Oklahoma

THE BAPTIST FOUNDATION OF OKLAHOMA

Strength for Today and Tomorrow

North Pointe Baptist ChurchEdmond, Oklahoma

Jerry VaughanSenior Vice President



Serving the Church

A goal of The Baptist Foundation of Oklahoma is to serve the church

through wise stewardship. We strive to help the church borrow wisely.

We benefit the church by being a resource that strengthens Southern

Baptist ministries…today and tomorrow!



Benefits to Your Church

During the “Construction Phase” the interest rate will be at the Construction Rate, the 1 year adjustable rate, currently 4.25% with interest only payments based on the outstanding principal balance.



Benefits to Your Church

When the loan converts to the “Permanent Financing Phase” at the conclusion of construction, the interest rate will change to the adjustable interest rate chosen by the church and established at loan closing. This rate will remain in effect until the next adjustment date.

Future Additional Advance clause available with BFOK loans to churches.



Benefits to the Kingdom

We are committed to building Southern Baptist ministries. To that end, ALL interest paid on a loan with the Foundation is distributed to Kingdom causes.



What does that mean to you?

It means that ALL interest dollars you pay will strengthen and help grow Southern Baptist ministries across the state and around the world…today and tomorrow!


Ministry to Kingdom Causes

Oklahoma Baptist UniversityChurches & Other SBC

Entities BGCO OBHC BVCAll

Others


How Does the BFOK Determine a Church’s Maximum Loan Amount?

Payments cannot exceed 25% of the average budget receipts for the previous two years.

– Total annual payments ÷ Average budget receipts


What This Means for YouDebt Service:

2010 $607,008

2011 $631,218

Total $1,238,226 $619,113 average

$1,995,932 for 20 years @ 4.75% = $12,898.18/monthly

or $154,778.16/annually

$154,778.16 ÷ $619,113 = 25.00%

$1,995,932 + $417,385 (uncollected pledges) = $2,417,317

Within the 25% limit


What This Means for You

Collateral Values:

Loan amount cannot exceed 50% of the fair market value of the property taken as collateral.

– Loan amount ÷ Fair market value


What This Means for You

Collateral Valuation:

$4,900,000 Fair Market Value after construction

$2,400,000 ÷ $4,900,000 = 40.73%

Within the 50% loan to value limit



Jerry VaughanSenior Vice President

Documents

North Pointe Baptist Church Edmond, Oklahoma