The Jackson, Mississippi-based REIT reported net income before minority
interest of approximately $16.
FCR's dividend yield for 2004 was 6. FCR
undertakes no obligation to update or revise any forward-looking statements to
reflect developments or information obtained after the date of this press
release.

vary elders

"
FCR elected REIT status for federal income tax purposes beginning with the
tax year ended December 31, 2003.
FCR's business is managed by Jackson, Mississippi-based One Capital Advisors
and shares the same group of executive officers as FCR, with A.S.

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Beliefs vary widely among Presbyterian denominations.

spirituality presbyteries

56 percent, up from 6. This assembly will be produced at the company's existing
facility in Plymouth, Mich.

synods denominations

8 million based on interest and other income of
approximately $21 million for the 12 months ended December 31, 2004 .

synods presbyterian

Best practices included strict adherence to program
management, using a centralized process engineering group, and involving Tower
Automotive's assembly plants in the entire development process.

reformation denominations

, Foundation Capital Resources, Inc. Additional information about these and other factors
that may adversely affect these forward-looking statements are contained in
FCR's reports and filings with the Securities and Exchange Commission. automakers,
the company announced today.

gatherings aotearoa

A number of factors could cause actual results to be materially
different from these forward-looking statements, including: changes in local
and national economic conditions, particularly interest rates, interest rate
relationships and mortgage prepayment rates; difficulty in competing
successfully for church and nonprofit financing; difficulty in accessing
additional capital on beneficial terms; unanticipated borrower difficulties in
the repayment of loans; unexpected environmental compliance costs and
liabilities; changes in federal and state income tax laws and regulations,
especially those applicable to REITs; and the failure to remain qualified as a
REIT for any reason.
"We are proud to be part of this major vehicle program and pleased that by
sharing best practices our colleagues have found innovative ways to reduce
costs and improve processes," said Bill Pumphrey, president of North American
Operations .com .

denomination gatherings

The company has distinguished itself by
serving as a trusted financing resource providing mortgage bond financing,
mortgage loans, loan servicing and loan administration, in partnership with
some of the nation's leading faith-based financial entities. The
new business will result in a significant amount of incremental revenue that
will help fill capacity at several current Tower plants, in addition to the
new plant that will open in 2007.towerautomotive.

involves vary

In 2003,
net income before minority interest was approximately $10.
Certain accounting estimates, including but not limited to loan loss reserves,
are based upon management's best estimates and are inherently forward-looking
statements.

nicaragua reformation

The financing package was provided by a banking
syndicate led by Cleveland-based KeyCorp and its division KeyBank Real Estate
Capital, and included Wells Fargo Foothill, Inc.
"We appreciate our customers' confidence in our ability to support these
two new programs," said Kathleen Ligocki, president and chief executive
officer. Tower Automotive will require a new
facility in the southern United States to accommodate the new contract.
Tower Automotive, Inc.

covenanted gatherings

Highlights include the growth of our portfolio beyond the
$300 million mark, significant increases in our top - and bottom-line
performance and the successful completion of our fourth-quarter financing
package to help accelerate our current momentum," said A. As such, it generally will not be subject
to federal income tax on the amount of its income or gain that is distributed
as dividends to shareholders.

J.

varies gatherings

Customers
recently assisted by Foundation Capital Resources include Constance Free
Evangelical Church in Michigan, Faith Heights Church in Colorado, and Mountain
Valley Community Church in Arizona .

Tower Automotive Wins New Business from Two U.S. Automakers

The second award being announced today is to supply a large assembly for a
different automaker. is a global designer and producer of vehicle
structural components and assemblies used by every major automotive original
equipment manufacturer, including BMW, DaimlerChrysler, Fiat, Ford, GM, Honda,
Hyundai/Kia, Nissan, Toyota , Volkswagen and Volvo. Additional company
information is available at http://www.

rooted involves

involves vary

"
Tower Automotive, already the world's largest independent supplier of body
structures, will continue to grow its business with the first award, a body
structures program for Ford Motor Co.

See their individual categories for more information on beliefs, specific church structure, and individual congregations .

somewhat nicaragua

A. Braswell,
President and Chief Executive Officer of Foundation Capital Resources. Throughout our growth in the past year,
we have kept the same focused strategy and maintained the flat, flexible
organizational structure that has served us so well to this point. As a REIT, FCR is permitted to deduct dividend
distributions from its corporate taxable income and is required to distribute
at least 90 percent of its taxable income to its shareholders.

spirituality widely

Church Mortgage REIT Foundation Capital Resources Announces Record Performance for 2004

47 percent in
2003. For more information, contact the Company
at 601-321-1800.

elders uniting

Forward-Looking Statements
This press release contains certain forward-looking statements about the
plans, strategies, objectives, goals, or expectations of Foundation Capital
Resources, Inc. "That discipline was key to winning this new business.

These elders are a part of a structure that involves regional gatherings of churches, known as 'presbyteries,' and often regional gatherings of presbyteries, known as 'synods.

' Each denomination known as 'Presbyterian' varies somewhat in its particular governmental structure, but 'Presbyterian' describes this congregational connection to a larger body as the primary feature of church government rather than a particular set of beliefs.

aotearoa reformed

(FCR), a Real Estate Investment Trust (REIT) founded in 2000 and focused on
providing mortgage financing to churches and other faith-based organizations
throughout the United States, today announced record financial results for its
fiscal year ended December 31, 2004.
"Our financing package was a particularly significant event, in that it
provided 'Wall Street' validation of the church lending market and FCR's
unique strengths within that market.

covenanted knox

FCR's total assets jumped 44 percent to $342 million at year-end,
compared to $237 million for 2003. NOVI, Mich., Tower Automotive, Inc.

involves presbyterian

8 million, based on
interest and other income of approximately $13 million. This rate of return compares with a 2004 Composite REIT Index dividend
yield of 4., Harris Trust and Savings
Bank, Bank Midwest, N.J. These forward-looking statements are identifiable by words or
phrases indicating that Foundation Capital "estimates," "projects," "intends,"
"believes," "plans," "predicts ," "expects," "anticipates" or is "optimistic"
or "confident" that a particular event "will," "may ," "could," "should," or
"will likely" occur or that a particular event "will," "may," "should,"
"could," "is contingent upon," "is expected to" or "will likely" occur in the
future or that there is a "trend" or "indications" toward, or "on track"
toward, a particular result or occurrence or similarly stated expectations.

elders aotearoa

FCR's pace led it to successfully secure a $125 million credit facility in
the fourth quarter of 2004., and Southwest Bank of Texas, N. We are
heading into 2005 with energy and optimism about our opportunities for the
months ahead. Braswell
serving as its President and Chief Executive Officer. "We are dedicated to exceeding their expectations and continuing to
service them with the highest level of quality and technical expertise."
Capital expenditures were reduced by reusing equipment from another
assembly line and producing the new assembly at a plant experienced in
building similar parts.

knox denominations

Both are
best-ever totals for the Company, reflecting a nearly 56 percent increase in
net income and a 61 percent increase in interest and other income . During the year, the Company originated and purchased
new loans totaling approximately $181 million , an increase of nearly 14
percent compared to approximately $159 million of new loans originated and
purchased during 2003. Loans receivable grew 44 percent to $322
million versus $223 million a year ago.97 percent, as published by the National Association of Real Estate
Investment Trusts .
Like many REITs, FCR has no employees and utilizes a third-party firm as
"manager" to handle all day-to-day activities, including loan servicing. has been
awarded new major vehicle structure programs by two different U.

presbyteries elders

Assets Increase 44 Percent, Total Lending Portfolio Tops $300 million

JACKSON, Miss.
Overall in 2004, FCR closed a total of 116 new loans, compared to 139 new
loans closed in 2003.
As of December 31, 2004, FCR's loan portfolio included 224 loans ,
comprised of 101 mortgage loans, 112 bond collateralized loans, and 11 other
loans.A. Products include body
structures and assemblies, lower vehicle frames and structures, chassis
modules and systems, and suspension components.

Rooted in the Church of Scotland, 'Presbyterian' describes Christian churches that conform to a governmental structure involving 'presbyters,' or elders.

elders presbyteries

"2004 included many key achievements and significant milestones for
Foundation Capital Resources, and I am very pleased with the collective effort
behind our results.

About Foundation Capital Resources
Foundation Capital Resources is a Jackson, Mississippi-based Real Estate
Investment Trust (REIT) that primarily invests in the work of churches,
colleges, schools and other nonprofit organizations across a wide range of
denominations and affiliations.

presbyters congregational

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