3 ms·
"it doesn't matter your religion or lack thereof" Bet you didn't know this, but there is a company (an REIT actually) that is publicly traded on the stock mark
by perl4ever 7y ago
"it doesn't matter your religion or lack thereof"
Bet you didn't know this, but there is a company (an REIT actually) that is publicly traded on the stock market, that specializes in loans to nonprofit religious organizations..."American Church Mortgage Company". Currently appear to be paying a sizable dividend.
"The outbreak of the novel coronavirus (COVID-19) has adversely affected many industries in general and resulted in orders preventing congregation which impacts the ability of churches and other non-profit religious organizations normal methods of worship...To the extent that churches and other non-profit organizations operations in the U.S. are materially and adversely affected by the coronavirus, business and financial results of this industry, and thus our business and financial results, could be materially and adversely impacted."
...and yes, they do foreclose on churches:
"As of December 31, 2019, we had ten first mortgage loans totaling approximately $4,074,000 that are three or more monthly payments in arrears. We may incur a loss if these borrowers are unable to bring their payments current and we are compelled to foreclose on their properties. We may be unable to dispose of the foreclosed properties on terms that enable us to recoup our expenses and outstanding balances.
As of December 31, 2019, we held title to one property located in Bethel, Ohio through a 2018 foreclosure process with an outstanding balance of $114,632"
"The business of making loans to churches and other non-profit religious organizations is highly competitive. We compete with a wide variety of investors and other lenders, including banks, insurance companies, pension funds and fraternal organizations which may have investment objectives similar to our own. A number of these competitors have greater financial resources, larger staffs and longer operating histories than we do. We compete principally by limiting our business "niche" to lending to churches and other non-profit religious organizations, offering loans with competitive and flexible terms, and emphasizing our expertise in the specialized industry segment of lending to churches and other religious organizations. Our competitive “specialty” is in offering fixed-rate, long-term loans, which few of our competitors make available to churches."
https://www.marketwatch.com/investing/stock/acmc https://www.marketwatch.com/investing/stock/acmc