|LBPB Deposit and Loan Fund|
LBPB Deposit and Loan Fund
The London Baptist Property Board (LBPB) operates a deposit and loan fund for churches and other Baptist organisations in London. Interest is paid on deposits at a competitive rate. Loans are advanced for the purchase of property or for building and redevelopment work. Interest is charged on loans. The interest rates on both deposit funds and loan funds are variable.
The work of the London Baptist Property Board is almost entirely funded through the operation of the loan and deposit fund. In addition a large part of any surplus that is made each year is passed on to the London Baptist Association and to Baptist Home Mission. In choosing to deposit money with the LBPB and in choosing to borrow money from the LBPB churches are helping to support the life and mission of the wider Baptist family.
Interest rates as from 1 November 2009 to the end of April 2013 are:
Interest rates from 1 May 2013 are:
Deposit accounts can be opened by sending a cheque to the LBPB office payable to 'London Baptist Property Board Ltd' requesting the LBPB to open an account in the name of the church. More than one account can be opened in the name of a church if it is convenient for the church to hold different funds in separate accounts.
Further deposits can be made at any time. Withdrawals can be made with seven days written notice addressed to the LBPB office.
Interest is calculated on a daily basis and is credited to the account every six months on 30 June and 31 December when statements will be issued.
Full information about the operation of deposit accounts can be downloaded from here.
For any enquiries about deposit accounts contact the LBPB bookkeeper Debbie Kachidza.
Loans are available to help churches with the costs of the purchase, maintenance or redevelopment of church property (including manses). The LBPB is able to lend up to £300,000 to any one church.
The normal conditions for lending are as follows:
Full information on loans for churches can be downloaded by clicking here. or can be requested from the LBPB office . Further enquiries about applying for loans should be addressed to Jackie Penistone, the LBPB Trust Officer.
Interest on loans is calculated on a daily basis and is charged to loans every quarter - 30 March, 30 June, 30 September and 31 December.
Interest charges must be paid quarterly. The capital is repayable in equal instalments over term of the loan. Churches can choose whether to make capital repayments quarterly, half-yearly or annually.
For any enquiries about loan accounts contact the LBPB bookkeeper Debbie Kachidza.
The London Baptist Property Board Ltd is Registered Charity No. 249768
|Last Updated on Friday, 26 April 2013 18:43|