Loans of $50,000 or less are called "unsecured" because generally a mortgage is not taken on the property. Instead, ABEC accepts a signed promissory note showing the terms of repayment. These loans are typically used for any capital improvement of church facilities, such as renovation, roof repairs, parking lot paving, and organ purchase.
Unsecured loans are normally made for a term of 3 years and are renewable. The average amortization is 15 years. The interest rate adjusts to ABEC's standard rate in effect at the time of each extension.
Request a detailed brochure Set up a phone conference with an ABEC representative
The American Baptist Extension Corporation
P.O. Box 851, Valley Forge, PA 19482-0851
588 North Gulph Road, King of Prussia, PA 19406
800-222-3872 ext. 2232 (ABEC)