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American Church Mortgage Company  (ACMC)
Other Ticker:  
 
    Sector  Services    Industry Real Estate Operations
   Industry Real Estate Operations
   Sector  Services
 
Price: $0.0400 $-0.07 -61.905%
Day's High: $0.04 Week Perf:
Day's Low: $ 0.04 30 Day Perf:
Volume (M): 15 52 Wk High: $ 0.00
Volume (M$): $ 1 52 Wk Avg: $0.00
Open: $0.04 52 Wk Low: $0.00



 Market Capitalization (Millions $) 0
 Shares Outstanding (Millions) 2
 Employees 2
 Revenues (TTM) (Millions $) -
 Net Income (TTM) (Millions $) -2
 Cash Flow (TTM) (Millions $) 1
 Capital Exp. (TTM) (Millions $) 0

American Church Mortgage Company

We are a Minnesota corporation incorporated on May 27, 1994. We operate as a Real Estate Investment Trust (“REIT”) and are engaged in the business of making mortgage loans to churches and other non-profit religious organizations throughout the United States. The principal amount of loans we offer ranges from $100,000 to $2,000,000. We may also invest up to 30% of our Average Invested Assets in mortgage secured debt securities (bonds) issued by churches and other non-profit religious organizations. Between the date upon which we began active business operations (April 15, 1996) and March 31, 2015, we have made 186 loans to 158 churches approximating $96,842,253, with the average principal amount of such loans being $521,000. Of the 186 loans we have made, 101 loans totaling $55,655,862 have been repaid early by the borrowing churches. At no time have we paid a premium for any of the bonds in our portfolio. Subject to the supervision of our Board of Directors, our day to day business operations are managed by Church Loan Advisors, Inc. (the “Advisor”), which provides investment advisory and administrative services to us. The principals of the Advisor include principals of American Investors Group, Inc., (“American”) a FINRA member broker-dealer, which has served as underwriter of the public offerings of our common stock, as well as our public offerings of secured investor certificates.

Our business is managed by the Advisor. We have no employees but we do have two executive officers. The Advisors affiliate, American has been engaged since 1987 in the business of underwriting first mortgage bonds for churches throughout the United States. In underwriting church bonds, American reviews financing proposals, analyzes prospective borrowers’ financial capability, and structures, markets and sells, mortgage-backed securities which are debt obligations (bonds) of such borrowers to the investing general public. Since its inception, American has underwritten approximately 283 church bond financings, in which approximately $534,239,000 in first mortgage bonds have been sold to public investors. The average size of single church bond financings underwritten by American since its inception is approximately $1,887,000.

In the course of its business, American identified a demand from potential borrowers for smaller loans of $100,000 to $2,000,000. Because of the regulatory, administrative expenses and complexity normally associated with the bond financing business, American determined that the economic feasibility of bond financing diminished for financings under $1,000,000. As a result, we believe that many churches are forced to either forego the project for which their financing request was made, fund their project from cash flow over a period of time and at greater expense, or seek bank financing at terms that are not always favorable or available to them, due to the historic reluctance of banks to lend to churches for other than economic reasons. Our objective is to provide a lending source to this segment of the industry by capitalizing on the human resources

Our primary business is to make first mortgage loans in amounts ranging from $100,000 to $2,000,000, to churches and other non-profit religious organizations, and selecting and investing in mortgage-secured debt instruments ("Church Bonds") issued by churches and other non-profit religious organizations throughout the United States. All of our loans belong to one portfolio segment. We attempt to apply our working capital (after adequate reserves determined by the Advisor) toward making mortgage loans and investing in Church Bonds. We seek to enhance returns on investments on such loans by:

· offering terms of up to 30 years, generating the highest yields possible under current market conditions;


· seeking origination fees (i.e. "points") from the borrower at the outset of a loan and upon any renewal of a loan;

· making a limited amount of higher-interest rate second mortgage loans to qualified borrowers; and

· purchasing mortgage-secured debt securities having various maturities issued by churches and other non-profit religious organizations.

Our policies limit the amount of second mortgage loans to 20% of the Companys Average Invested Assets (hereinafter defined) on the date any second mortgage loan is closed and limit the amount of mortgage-secured debt securities to 30% of Average Invested Assets on the date of their purchase.

“Average Invested Assets” for any period is defined as the average of the aggregated book value of the assets of the corporation invested, directly or indirectly, in loans (or interests in loans) secured by real estate, and first mortgage bonds, before reserves for depreciation or bad debts or other similar non-cash reserves computed by taking the average of such values at the end of each calendar month during such period.

All other mortgage loans made by us (or Church Bonds purchased for investment) will be secured by a first mortgage (or deed of trust) lien in favor of us. Although we attempt to make mortgage loans for various terms typically ranging from one to thirty years, we may determine to emphasize longer-term fixed-rate loans in our discretion, in order to reduce the risk to us of downward interest rate fluctuations.

Mortgage loan applications are prepared and verified by our Advisors personnel in our Loan Origination and Underwriting Department. Verification procedures are designed to assure a borrowers qualification under our Financing Policies which are specifically identified herein and include, among other things, obtaining:

· applications containing key information concerning the prospective borrowers;

· project description;

· financial statements in accordance with our Financing Policies;

· corporate records and other organizational documents of the borrower;

· preliminary title report or commitment for mortgagee title insurance; and

· a real estate appraisal in accordance with the Financing Policies.

All appraisals are prepared by independent third-party professionals who we approve based on their experience, reputation and education. All financial statements are prepared by independent third-party professionals or a qualified accountant that we hire that is independent of the borrower. Completed loan applications, together with a written summary are then presented to our Underwriting Committee. Our loan Underwriting Committee is comprised of the Advisors President and Chief Financial Officer and Treasurer and certain members of its staff. Our Advisor may arrange for the provision of mortgage title insurance and for the services of professional independent third-party accountants and appraisers on behalf of borrowers in order to achieve pricing efficiencies on their behalf and to assure the efficient delivery of title commitments, preliminary title reports and title policies, and financial statements and appraisals that meet our underwriting criteria. Our Advisor may arrange for the direct payment for such professional services and for the direct reimbursement to it of such expenditures by borrowers and prospective borrowers. Upon closing and funding of mortgage loans, an origination fee based on the original principal amount of each loan may be charged, of which one-half is payable by the borrower to our Advisor, and the other one-half to us.

Subsequent to approval by our Underwriting Committee, and prior to funding a loan, we may issue a loan commitment to qualified applicants. A loan commitment deposit may be required from the borrowing church to commence the loan preparation procedure. These deposits are directly applied by the Advisor to engage accountants and appraisers to prepare their respective reports on the church. Commitments may indicate, among other things, the loan amount, origination fees, closing costs, underwriting expenses (if any), funding conditions, approval expiration dates and interest rate and other terms. Commitments generally set forth a "prevailing" interest rate that is subject to change in accordance with market interest rate fluctuations until the final loan closing documents are prepared, at which time we commit to a stated interest rate. In certain cases we may establish ("lock in") interest rate commitments up to sixty (60) days from the commitment to closing; however, interest rate commitments beyond sixty days will not normally be issued unless we receive an appropriate fee premium based upon our assessment of the risk associated with a longer period.

We have entered into a contract with the Advisor (the “Advisory Agreement”) under which the Advisor furnishes advice and recommendations concerning our business affairs, provides administrative services to us and manages our day-to-day operations. We have no employees but we do have two executive officers. All of our personnel needs are met through the personnel and expertise of the Advisor and its affiliates. Among other things, the Advisor:


serves as our mortgage loan underwriter and advisor in connection with our primary business of making loans to churches;

· advises and selects Church Bonds to be purchased and held for investment by us;

· services all mortgage loans we make;

· provides marketing and advertising and generates loan leads directly and through its affiliates;

· deals with regulatory agencies, borrowers, lenders, banks, consultants, accountants, brokers, attorneys, appraisers, insurers and others;

· supervises the preparation, filing and distribution of tax returns and reports to governmental agencies and to shareholders and acts on our behalf in connection with shareholder relations;

· provides office space and personnel as required for the performance of the foregoing services; and

· as requested by us, makes reports to us of its performance of the foregoing services and furnishes advice and recommendations with respect to other aspects of our business.

In performing its services under the Advisory Agreement, the Advisor may use facilities, personnel and support services of its affiliates. Expenses such as legal and accounting fees, stock transfer agent, registrar and paying agent fees and proxy solicitation expenses are direct expenses of ours and are not provided for by the Advisor as part of its services.

The Advisory Agreement is renewable annually by us for one-year periods, subject to our determination, including a majority of the Independent Directors, that the Advisors performance has been satisfactory and that the compensation paid the Advisor has been reasonable. The Advisory Agreement was last approved by the Board of Directors (including a majority of the Independent Directors). We may terminate the Advisory Agreement with or without cause upon 60 days written notice to the Advisor. Upon termination of the Advisory Agreement by either party, the Advisor may require us to change our name to a name that does not contain the word "American," "America" or the name of the Advisor or any approximation or abbreviation thereof, and that is sufficiently dissimilar to the word "America" or "American" or the name of the Advisor as to be unlikely to cause confusion or identification with either the Advisor or any person or entity using the word "American" or "America" in its name. Our Board of Directors shall determine that any successor Advisor possesses sufficient qualifications to perform the advisory function for us and justify the compensation provided for in its contract with us.



   Company Address: 10400 Yellow Circle Drive Minnetonka 55343 MN
   Company Phone Number: 945-9455   Stock Exchange / Ticker: NONE ACMC
   


Customers Net Income fell by ACMC's Customers Net Profit Margin fell to

-40.74 %

21.15 %

• Customers Performance • Customers Expend. • Customers Efficiency • List of Customers


   

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