American Church Mortgage Co., Minnetonka, Minn., is making a public offering of $23 million of secured investor certificates.The real estate investment trust reports that the offering is being made on a "best-efforts basis." Scott J. Marquis, ACMC's vice president of church loan advisers, told MortgageWire that the certificates will be offered on a "perpetual basis," with ACMC selling as many of them as possible over a one-year period. The REIT makes mortgage loans to churches and other nonprofit religious organizations. Since the offering opened on Oct. 8, about $2.3 million has been raised, according to Mr. Marquis.
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