Steps to Securing a Loan from the Baptist Extension Board

For consideration of financing, churches must be affiliated with the Baptist General Association of Virginia by contributing at least 5% of offerings to the Cooperative Program.

1. Contact the Baptist Extension Board to request a Loan Application and copy of the Guidelines for Extension Board Loans.
2. Complete all portions of the written application and return to the Baptist Extension Board at the Virginia Baptist Resource Center for consideration at the next Board meeting.
3. The church should already have at least three trustees who hold legal title to property for the congregation and who sign related property and loan documents. The elected trustees must have been appointed by a circuit court judge. If this has not been done, your congregation must elect the trustees and your attorney then will petition the court to have them appointed. You may want to do this at the same time as the petition mentioned in paragraph 5.
4. Church leaders are expected to appear in person to present their loan request to the Baptist Extension Board at the Virginia Baptist Resource Center . The Board meets regularly each February and July and may also convene under special circumstances at other times during the year. Church leaders will be contacted with results of the meeting no later than the following business day.
5. Upon loan approval, the church must submit a petition to the circuit court to request approval to encumber the property with a deed of trust.
6. Written notification of loan approval and the terms of the approval will be sent to the church pastor. Acceptance of the loan offer must be made in writing to the Baptist Extension Board within 30 days.
7. Upon receipt of written acceptance of the loan offer, the Baptist Extension Board will send appropriate loan documents to the church pastor. These documents should be forwarded to an attorney of the church's choosing to be executed by the trustees and recorded in the local circuit court.
8. Before closing, appropriate Title Insurance or an attorney's opinion of title must be submitted to the Baptist Extension Board.
9. The original recorded Deed of Trust and signed Deed of Trust Note should then be returned to the Baptist Extension Board along with written instructions for disbursement of loan funds.
10. The Baptist Extension Board must be listed as an Additional Insured or the Mortgagee on the church's hazard insurance policy as of the time of recording the Deed of Trust. The certificate of insurance showing that information must be forwarded to the Baptist Extension Board.
11. Loan funds will then be disbursed based on written instructions from the church or the church's attorney.
12. Monthly loan payments will be remitted by the due date to the Baptist Extension Board in the amount designated in the terms of the loan.