How much may a church or association borrow for a project?
The Foundation can lend up to 80% of the total project cost.
What is the interest rate?
We offer three adjustable rate options:
1. A one-year guarantee at 1% below prime
2. A three-year guarantee at 3/4% below prime
3. A five-year guarantee at 1/2% below prime
For how long will the Foundation finance the loan?
Fifteen years or less
Are there any other costs associated with the loan?
Yes, the borrower will have attorney fees, title and recording fees and an origination fee (see the loan policy for details)
Who gets the interest paid for the loan?
The interest is distributed to approximately 130 different Baptist causes
Who must approve the loan application?
The Loan Committee of the Foundation's Board of Trustees
How long does it take to get a loan approved?
After the Foundation has received the completed application and other required materials it usually takes about a week to get final approval
After the loan is approved, how long does it take to get our money?
About a month
Why does it take so long?
Legal documents must be prepared and a title search must be done. The title search is usually the item that takes the longest to complete.
What do we need to do first to start the application process?
Download and print the Tennessee Baptist Foundation Guidelines and Application. Read them carefully. Share the information with your congregation and have them vote to approve the request for a loan.
