LOAN INFORMATION:
The BCLC has loan products that can be used to purchase, construct, or renovate a church facility. We also have products available for the purchase of church sites and the refinancing of existing church building debt. Listed below is some information about our loan products:
Minimum Loan Size: $25,000
Maximum Loan Size: $5,000,000
Processing Time: Approximately five to eight weeks from receipt of completed application until funds are available.
Interest Rate: Normal BCLC Lending Rate is Wall Street Journal Prime with a floor of 4%.
Adjustable Rate: Rate adjusts annually on the anniversary date of the loan. Fixed rate options are available.
Collateral: BCLC takes first lien on all church land and improvements.
Loan to Value: Loans less than $2 million cannot exceed 75% of the value of land and improvements used as collateral. Loans $2 million or greater cannot exceed 60% of the value of land and improvements used as collateral.
Debt to Income: Maximum of 30% of undesignated tithes and offerings for debt service on loans less than $2 million and 25% on loans $2 million or greater.
For more information about our loan products, please give us a call at 214-828-5140.