north pointe baptist church edmond, oklahoma
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North Pointe Baptist Church Edmond, Oklahoma. Jerry Vaughan Senior 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. - PowerPoint PPT PresentationTRANSCRIPT
THE BAPTIST FOUNDATION OF OKLAHOMA
Strength for Today and Tomorrow
North Pointe Baptist ChurchEdmond, Oklahoma
Jerry VaughanSenior Vice President
THE BAPTIST FOUNDATION OF OKLAHOMA
Strength for Today and Tomorrow
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!
THE BAPTIST FOUNDATION OF OKLAHOMA
Strength for 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.
THE BAPTIST FOUNDATION OF OKLAHOMA
Strength for Today and Tomorrow
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.
THE BAPTIST FOUNDATION OF OKLAHOMA
Strength for Today and Tomorrow
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.
THE BAPTIST FOUNDATION OF OKLAHOMA
Strength for Today and Tomorrow
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!
Strength for Today and Tomorrow
Ministry to Kingdom Causes
Oklahoma Baptist UniversityChurches & Other SBC
Entities BGCO OBHC BVCAll
Others
Strength for Today and Tomorrow
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
Strength for Today and Tomorrow
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
Strength for Today and Tomorrow
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
Strength for Today and Tomorrow
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
THE BAPTIST FOUNDATION OF OKLAHOMA
Strength for Today and Tomorrow
Jerry VaughanSenior Vice President