BCLC Lending Rates

Terms of BCLC Loans

• New loans are fully-amortizing, 15 or 20-year term notes that adjust according to the interest rate option that was selected by the church at loan closing (one-year, three-year, and five-year rate options available). 
• Rates are fixed for the elected term and will adjust to BCLC’s current rate on the adjustment date.
• Although the rate adjusts on the adjustment date, the loan is not due until the maturity date (i.e. the loan balance will be paid off over a 15 or 20-year period).  
• BCLC takes a first lien on all church land and improvements. The maximum loan to value accepted is 75%.
• BCLC does not charge any origination fees at loan closing.
• There are no prepayment penalties.  Our churches are free to pay down or pay off their loans as quickly as they would like.
• None of BCLC loans are balloon notes.  This means that churches are not required to refinance every three or five years.
• BCLC does not require cash flow covenants that borrowers have to adhere to over the life of the loan in order to remain in good standing.