Loan Qualifications

Qualifications

The BCLC accepts loan applications from Baptist churches, which cooperate with their local Baptist association or their state Baptist convention, and from BCLC Supported Churches as defined in our Vision, Mission, & Core Beliefs. The BCLC provides loans for new construction, remodeling, parking, land, facilities, and refinancing.

Loan Information

New loans are fully amortizing, fifteen year term notes that adjust annually at the BCLC lending rate (Wall Street Journal Prime with a 4.00% floor). The BCLC takes a first lien on all church land and improvements. The maximum loan to value is based on the size of the loan and ranges from 60% to 75%. The BCLC debt ratio is calculated by dividing total proposed debt service by undesignated tithes and offerings. The maximum debt ratio is based on the size of the loan and ranges from 25% to 30%.

*The church must submit a completed BCLC loan application and be cooperating with their local Baptist association, their state Baptist convention, or a BCLC Supported Church as defined in our Vision, Mission, & Core Beliefs. Loan approvals are not based solely upon financial ratios. The BCLC also looks at other areas such as: leadership, ministry impact, commitment of the members, growth potential, and church location when reviewing loan requests.