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American Church Mortgage Seeks to Raise $30M

MINNETONKA, MN-The REIT will try to sell 1.5 million shares of common stock and $15 million in series A Secured Investor certificates. The money would be used to make mortgage loans to churches and other non-profit religious organizations.

By Jim McCartney | Updated on April 23, 2002

MINNETONKA, MN-American Church Mortgage Co, a real estate investment trust, is attempting to raise $30 million through stock and bond offerings. The company will attempt to sell 1.5 million shares of common stock and $15 million in series A Secured Investor certificates.

The company makes mortgage-backed loans from $100,000 to $1 million to churches and other non-profit religious organizations for the purchase, construction or refinancing of real estate and improvements.

The company will use the proceeds to fund mortgage loans made to churches and other non-profit religious organizations and to purchase bonds issued by those organizations. Some of the proceeds may be used to pay down its line of credit, redeem its equity securities and repay maturing certificates.

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