UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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Item 1.01 Entry Into a Material Definitive Agreement.
On February 14, 2023, Ministry Partners Investment Company, LLC, (the “Company”) entered into a Servicing Agreement with AmeriNational Community Services, LLC d/b/a “AmeriNat” Pursuant to which AmeriNat will provide certain loan servicing related functions for the Company’s commercial loan investments. AmeriNat will assist the Company in managing and servicing the Company’s loans. Some of these activities AmeriNat will perform, amongst others, are managing and collecting loan payments, documenting loan advances on construction loans, making collection calls, maintaining and monitoring the receipt of financial statements, and monitoring compliance with borrowers financial reporting covenants under the Company’s loan agreements.
By entering into this Agreement, the services provided will supplement and enhance our existing servicing capabilities and technology. This enhances the service provided to our borrowers by giving them a more robust technology platform and provides greater bandwidth of service. Most importantly, this will provide the Company scalable loan servicing resources that will support our loan portfolio growth in a cost-efficient manner.
The Agreement has a three-year term and will automatically renew for successive one-year terms unless either party gives thirty (30) day prior written notice of its intention not to renew the agreement. Either party may also, at their discretion, terminate the agreement, in whole or in part, by giving the other party one hundred twenty (120) days written notice of termination. Based upon current projections, the Company estimates that it will pay AmeriNat between $25 thousand and $35 thousand on an annual basis to perform these services.
The foregoing description of the AmeriNat Servicing Agreement is a summary only and it should be read in its entirety in order determine its material terms and conditions. A copy of the AmeriNat Servicing Agreement is filed herewith as Exhibit 10.45 and is incorporated herein by reference.
Exhibit Index
Servicing Agreement by and between Ministry Partners Investment Company, LLC and AmeriNational Community Services, LLC dated February 14, 2023. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Dated: February 21, 2023 | MINISTRY PARTNERS INVESTMENT |
COMPANY, LLC | |
/s/ Joseph W. Turner, Jr | |
Joseph W. Turner, Jr. | |
Chief Executive Officer and President |