SECURITIES AND EXCHANGE COMMISSION 
                          Washington, D.C. 20549
                                                                               
                FORM 10-KSB

     (Mark One)
     [ X ]          ANNUAL REPORT UNDER SECTION 13 OR 15(d) OF THE
                  SECURITIES EXCHANGE ACT OF 1934
                 
                  For the fiscal year ended December 31, 1998

     [   ]       TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
                  OF THE SECURITIES EXCHANGE ACT OF 1934

                        Commission file number: 333-4028LA                 
                              
                    MINISTRY PARTNERS INVESTMENT CORPORATION
                 (Name of small business issuer in its charter)
          
     California                                          33-0489154
(State or other jurisdiction of        (I.R.S. Employer Identification
 incorporation or organization)         Number)
               1150 N. Magnolia Ave., Anaheim, California 92801
              (Address of principal executive offices)(Zip code)

                                (714) 226-3619
                          (Issuer's telephone number)

Securities registered under Section 12(b) of the Exchange Act:
Title of each class:
Name of each exchange on which registered:
Securities registered under Section 12(g) of the Exchange Act:
Title of each class:

Check whether the issuer (1) has filed all reports required to be filed by
Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for
such shorter period that the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90 days.
                                        
                    YES   X                   NO
Check if there is no disclosure of delinquent filers in response to Item 405
of Regulation S-B is not contained in this form, and no disclosure will be
contained, to the best of registrant's knowledge, in definitive proxy or
information statements incorporated by reference in Part III of this Form
10-KSB or any amendment to this Form 10-KSB. [x]                         

Issuer's revenues for its most recent fiscal year: $1,004,731

State the aggregate market value of the voting and non-voting common equity
held by non-affiliates computed by reference to the price at which the common
equity was sold, or the average bid and asked price of such common equity, as
of a specified date within the past 60 days:  None.


State the number of shares outstanding of each of the issuer's classes of
common equity, as of the latest practicable date:

At December 31, 1998, registrant had issued and outstanding 100,000 shares of
its no par value common stock, all of which were held by Evangelical
Christian Credit Union.  No market exists for the Common Stock.  Registrant
estimates the aggregate market value of such shares to be not greater than
$1,000,000.

DOCUMENTS INCORPORATED BY REFERENCE
If the following documents are incorporated by reference, briefly describe
them and identify the part of the Form 10-KSB (e.g., Part I, Part II, etc.)
Into which the document is incorporated: (1) any annual report to security
holders; (2) any proxy or information statement; and (e) any prospectus filed
pursuant to Rule 424(b) or   of the Securities Act of 1033 ("Securities Act").
The list documents should be clearly described for identification purposes
(e.g., annual report to security holders for fiscal year ended December 24,
1990).

    Transitional Small Business Disclosure Format (check one):
          
              YES                      NO   X      

PART I

Item 1.  Description of Business

The Company

   The Company, Ministry Partners Investment Corporation, is a California
 corporation, formed in October, 1991, for the sole purpose of investing in 
 or purchasing existing loans to qualified church organizations.  The 
 Company was formed by and is currently the wholly-owned subsidiary of ECCU.
 See "BUSINESS OF THE COMPANY - ECCU and Its Relationship to the Company."     

 The Company is a taxable organization under both federal and California
 state law.  ECCU is a mutual benefit corporation and is presently exempt
 from federal but not California state income tax.
   
   The Company was organized for the purpose (mission) of providing funds
 for real property secured loans for the benefit of Evangelical churches and
 church organizations through funding provided by members of and persons
 associated with such churches and organizations.  In accordance with its
 mission, the Company operates with a view towards providing the highest
 practical yields to its investors in relation to the yields it realizes on
 its Mortgage Loan investments and its operating, general and administrative
 costs.  As the Company's sole shareholder, ECCU has not, and does not intend
 in the future to cause the Company to operate with a view towards
 maximizing profit.  The Company's primary goal will be to continue to
 provide funds for secured loans to Evangelical churches and church
 organizations on a cost effective basis both for the Company and such
 borrowers.
   
  The Company is one of the few institutions or agencies within the
 western United States organized to assist local evangelical Christian
 church congregations and organizations to provide financing for the
 acquisition, development and/or renovation of churches or church-related
 properties.  Historically, through the sale of its debt
 securities to persons affiliated with evangelical Christian churches
 and organizations, the Company has given these persons the opportunity
 to jointly and indirectly provide their organizations with such
 financing, something they may not have been able to accomplish
 individually.  To date, the Company has suffered no defaults under any
 of its mortgage loans nor has the Company defaulted on or been
 delinquent in the payment of any interest or principal on the notes it
 has sold to investors.
   
   To date, the Company's investments have been financed by ECCU's
 investment in the Company's common stock and through the sale of its
 collateralized and uncollateralized notes.  The Company's Mortgage
 Loan Investments have been facilitated through a warehouse credit line
 from ECCU.  This credit line financing is currently in the amount of
 $2,100,000.  This credit line, which the Company intends to maintain
 indefinitely, is subject to ECCU's standard commercial loan
 requirements, including blanket liens on the Company's assets.  ECCU
 has agreed to subordinate this loan to the payment of its Class A and Class
 A-1 Notes. There is no assurance that ECCU will be able to continue to
 provide this credit line to the Company in the future.

   The Company currently employs three full-time persons.  ECCU provides the
 Company with certain services for which ECCU charges the Company on a current
 basis.

Reports
     
   The Company has filed with the Commission a Registration Statement on
 Form SB-2 (including all amendments thereto, the "Registration Statement"),
 with respect to its Class A-1 notes.  For further information about the
 Company and its Securities, reference is made to the Registration Statement
 and the exhibits thereto, which may be examined  without charge at the public
 reference facilities maintained by the Commission at Room 1204, Judiciary
 Plaza, 450 Fifth Street NW, Washington, DC 20549, and copies of which may be
 obtained from the Commission upon payment of the prescribed fees.  The
 Registration Statement may also be obtained from the Commission's website
 maintained at http://www.sec.gov.

   Since December 31, 1996 and continuing after the date of this
 report, the Company will be required to file such reports with the
 Securities and Exchange Commission (the "Commission") as it may be required
 to file pursuant to the Exchange Act by reason of Section 15(d) thereof.
 The Company is not otherwise subject to the information requirements of the
 Securities Exchange Act of 1934, as amended (the "Exchange Act"), and in
 accordance therewith does not otherwise file reports, proxy statements and
 other information with the Commission.  Any reports, proxy statements and
 other information filed by the Company in accordance with the Exchange
 Act can be inspected and copied at the public reference facilities
 maintained by the Commission at Room 1204, Judiciary Plaza, 450 Fifth
 Street NW, Washington, DC 20549 and Suite 1400, 5670 Wilshire Boulevard,
 11th Floor, Los Angeles, California 90036.  Copies of such material can be
 obtained at prescribed rates from the public reference section of the
 Commission at 450 Fifth Street NW, Washington, DC 20549.  Copies of such
 reports, proxy statements and other information concerning the company may
 also be obtained from the Commission's website at http://www.sec.gov.


Item 2.  Description of Property
     
   The Company's business offices are located at 1150 N. Magnolia
 Avenue, Anaheim, California 92801.  The Company's telephone number is
 800-753-6742.
     
   The Company currently rents its offices (approximately 600 square feet)
 from ECCU on a month-to-month basis.  ECCU provides the Company with certain
 services and the use of certain of its facilities for which ECCU charges
 the Company on a current basis.  Presently, the amounts ECCU charges
 the Company in this regard are at the market rate for similar services 
 and facilities charged by unrelated persons. 


Item 3.  Legal Proceedings

   As of the date of this Report, there is no material litigation, threatened
 or  pending, against the Company. The Company's management is not aware of
 any disagreements, disputes or other matters which may lead to the filing of 
 legal proceedings involving the Company.


Item 4.  Submission of Matters to a Vote of Security Holders
     
   None.

PART II

Item 5.  Market for Common Equity and Related Stockholder Matters

   The Company has 100,000 shares of its common stock outstanding, all of
 which shares are owned by Evangelical Christian Credit Union, 1150 N.
 Magnolia Avenue, Anaheim, California 92801.  These shares are not traded
 publicly.  None of the Company's officers or directors beneficially owns
 any of these shares.  The Company does not have outstanding any options,
 warrants or convertible securities.  No other rights to purchase securities
 of the Company have been issued.

Item 6.  Management's Discussion and Analysis of Operations

  The financial information included herein should be read in conjunction 
 with the Financial Statements, including the Notes thereto.
 
   The Company's plan of business consists of the offer and sale of debt
 obligations to investors on a continuous basis to provide funds for the
 Company's mortgage loan investments.  Management believes that its strategy
 for maintaining liquidity will enable it to timely service and retire the 
 Notes regardless of the maturity mix of the Notes outstanding.

  Management intends to continue the Company's current liquidity plan
 which  relies primarily on funds from operations, cash reserves and
 borrowings under the ECCU Credit Line  to pay interest and principal on its
 debt securities on a timely basis.  Historically, these sources have provided 
 sufficient funds for the Company's timely payment of debt security
 obligations and it has not been required or attempted to obtain funds from
 the sale or hypothecation of its Mortgage Loan investments.  Historically,
 the Company has experienced significant rates of reinvestment or renewal by
 its debt security investors upon maturity of their investments.  Thus, these
 sources may not continue to provide sufficient liquidity in the event the
 Company does not experience comparable reinvestment rates on the Notes.  Even
 so, management believes that the Company can realize sufficient funds from
 its ECCU Credit Line and/or the sale or hypothecation of its Mortgage Loan
 investments, should additional funds be necessary to repay the Company's debt
 securities as they mature.  Management bases this belief on the size and
 quality of the Company's Mortgage Loan investments, the availability of
 purchasers of those assets on a timely basis and a historic price (at or near
 par) paid for secured loans comparable to the Company's Mortgage Loan
 investments.

   Management does not believe that its ability to achieve sufficient
 margins between interest revenues and interest expenses will be adversely 
 impacted by fluctuating interest rates or inflation.  This is because of the 
 Company's ability to adjust the interest rates offered to investors on its 
 debt  securities to reflect increases or decreases on interest rates
 achievable on the Company's Mortgage Loan investments.  In addition, the
 Company's Mortgage Loan investments in general bear variable interest rates
 and reflect changes in interest rate fluctuations due to inflation or
 otherwise.  Thus, as fluctuations affect yields on the Company's Mortgage
 Loan investments, it is able to adjust the cost of new funds from the sale of
 its debt securities accordingly.


                             Results of Operations

Twelve Months Ended December 31, 1998 vs. Twelve Months Ended December 31,
1997
   
   During the twelve months ended December 31, 1998, the Company incurred a
net gain of $30,258 as compared to a net gain of $2,322 for the same twelve
months ended December 31, 1997, a increase in net income of $27,936. Interest
income, net, for the period, was $339,485, an increase of 103% from $167,643
for the twelve months ended December 31, 1997.  The Company's cost of funds
(i.e., interest expense) during this period increased $307,492 (or 86%)to
$665,246 for the twelve month period ending December 31, 1998 as compared to
$357,754 for the twelve months ended December 31, 1997. This is attributable
to significant growth in the Company's debt securities portfolio.  At December
31, 1998, the company had outstanding debt securities (Notes Payable) of
$12,456,227, up from $7,803,870 at December 31, 1997, an increase of 60%.
  
   The Company's operating expenses for the twelve months ended December 31,
1998 increased to $275,701 from $212,217 for the same period ending December
31, 1997, an increase of 30%.  This is attributable primarily to increases in
office operating expenses associated with services provided by ECCU which were
subsidized in 1997.

   The Company is addressing the Year 2000 issue with its parent company, 
Evangelical Christian Credit Union, who is the data processing provider for 
the Company.  The Company is tracking its Year 2000 preparation in a database
that includes software, hardware devices, vendors and interfaces.  Most
critical time-sensitive systems were compliant by the end of 1998.  Some
remaining systems are being retired in 1999 as the Company installs new
systems to better serve its investors.  Although new systems may be
characterized as Year 2000 compliant by their vendors, the Company will not
list them as compliant until they have been installed and tested.  All
installed systems will be compliant by mid-year 1999.  

   Because of the nature of their operations, the Company does not believe the
ability of Mortgage Loan recipients (primarily churches) to maintain payment
schedules will be materially impacted by the Year 2000 issue.  However, the
failure of several Mortgage Loan recipients to meet such payment schedules as
a result of the Year 2000 issue could have a material adverse effect on the
Company's results of operation or financial position.  Though the Company does
not expect the Year 2000 issue to have a material adverse effect on its result
of operation or financial condition, there can be no assurances of that
position.

   Contingency plans include alternative vendors, alternative procedures and a
business recovery plan which is tested annually.  The business recovery plan
is designed for catastrophic events such as earthquakes or major fires, and
has application also to the Year 2000 issue.  Remediation costs associated
with Year 2000 have been minimal for the Company.  It believes remediation
costs will continue to be nominal through completion of Year 2000 compliance
in mid-1999.

                       Liquidity and Capital Resources

Twelve Months Ended December 31, 1998 vs. Twelve Months Ended December 31,1997
          
   Net increase in cash during the twelve months ended December 31, 1998 was
$147,668, compared to a net increase of $38,008 for the twelve months ended
December 31, 1997.  This gain of $109,660 was due primarily to an increase in
interest received on Notes Receivable.  Net cash provided by operating
activities totaled $48,424 for the twelve months ended December 31, 1998; an
increase of $33,937 from $14,487 provided by operating activities during the
twelve months ended December 31, 1997.  This difference is attributable
primarily to an increase in interest received during the twelve months ended
December 31, 1998 as compared to the same period in 1997.
  
   Net cash used by investing activities totaled $(3,573,111) during the
twelve months ended December 31, 1998, compared to $(6,184,793) used during
the twelve months ended December 31, 1997, a difference of $2,611,682.  This
difference is primarily attributable to a decrease in Notes Receivable
purchased during the twelve months ended December 31, 1998 as compared to the
same period in 1997.
   
   Net cash provided by financing activities totaled $3,672,355 for this
twelve-month period in 1998, a decrease of ($2,535,959) from $6,208,314
provided by financing activities during the twelve months ended December 31,
1997.  This difference is primarily attributable to a decrease in net cash
provided by the Line of Credit and a decrease in net proceeds from borrowings
on Notes Payable as compared to the same period in 1997.
   
   At December 31, 1998, the Company's cash, which includes cash reserves and
cash available for investment in the Mortgage Loans, was $267,653, up from
$119,985 at December 31, 1997, an increase of $147,668 (123%).

Item 7.  Financial Statements

The Balance Sheets, Statement of Operations and Statements of Cash
Flows for the twelve months ended December 31, 1998 and 1997 of Registrant
(the "Company") are included following the Independent Auditor's Report below.

Item 8.  Changes In and disagreements With Accountants on Accounting
                  and Financial Disclosure
                                   
                  None

PART III

Item 9.  Directors, Executive Officers, Promoters and Control Persons;
                  Compliance With Section 16(a) of the Exchange Act

Set forth below are the Directors and Executive officers of the Company:

 Name:                   Position Held:
 Mark G. Holbrook               Chairman of the Board
 John C. Garmo             President
 Mark A. Johnson              Chief Financial Officer, Treasurer, Director
 Van C. Elliott*                Director
 Arthur G. Black*             Director
 Wallace G. Norling*          Director
 Scott T. Vandeventer         Director
 Joseph I. Scott*             Director

   * Denotes Independent Director

The following is a summary of the business experience of the officers and
directors of the Company during the past five years.

  MARK G. HOLBROOK, age 48, has served as chairman of the Company since
its inception.  Mr. Holbrook also serves as president and chief executive
officer of ECCU.  Mr. Holbrook serves as Board Chairman of Christian
Management Association.
  
  JOHN C. (SKIP) GARMO, age 51, has served as president of the Company since
December, 1994.  As president, Dr. Garmo is responsible for the management of
the Company's day-to-day operations subject to the supervision of the
Company's Board of Directors.  Prior to joining the Company, Dr. Garmo served
as vice president of MAF Foundation, a private foundation specializing in
charitable gift-planning.  He is active in various professional organizations
and serves on several not-for-profit boards.

  MARK A. JOHNSON, age 41, has served as chief financial officer, treasurer,
and a director of the Company since its inception.  Mr. Johnson also serves as
executive vice president of ECCU, a position he has held since June, 1993. 
Mr. Johnson is also owner of Mailbox Surprises since its inception in
January 1994.

  VAN C. ELLIOTT, age 61, has served as director of the Company since
1994.  He has served as director for ECCU since 1990.  Mr. Elliott served
as associate director of the Conservative Baptist Association of Southern
California from 1980 to 1994.  Since that time, he has been self-employed as a
consultant, and is Vice President of Business Services for Dynamic Church
Planting International. Mr. Elliott is a member of the Institute of Certified
Financial Planners, Christian Estate Planners of California, Christian
Management Association, and is a Certified Financial Planner.

  ARTHUR G. BLACK, age 60, was elected to the Company's board of directors in
1994.  Mr. Black is currently Director of Ministry Services at Ambassador
Advertising Agency.  He was previously a ministry development officer at ECCU. 
Mr. Black was executive vice president of Truth For Life (1994-1996), a
nationally-syndicated radio Bible teaching ministry.  He served as director of
U.S. broadcasting for Insight For Living from 1993 to 1994.  He is a General
Partner for Rancho Sierra Acres, Christian Investors, P/L Properties and Ocean
View Investors.

  WALLACE G. NORLING, age 73, has served as a director of the Company
since its inception.  Dr. Norling serves as Superintendent Emeritus of
the southwest district of the Evangelical Free Church.

  SCOTT T. VANDEVENTER, age 42, has served as a director of the Company
since 1992.  Mr. Vandeventer has been employed by ECCU since 1988 and is
currently executive vice president and chief operating officer of ECCU.
Mr. Vandeventer is also currently associated with NYE Partners, a business
consulting firm whose clients may include firms doing business with the
Company and/or ECCU.

   JOSEPH I. SCOTT, age 62, was elected to the Company's board of directors
in 1998.  Mr. Scott joined Dean Witter (now Stanley Morgan Dean Witter)
in February 1966 as an Account Executive.  He has spent his entire career 
with the same firm.  In the 1970's he earned the Certified Financial
Planner designation.  He served from 1990 to 1995 on the finance committee of
Far East Broadcasting Company.

Item 10.  Executive Compensation

  Except for Mr. Garmo, none of the Company's officers or directors currently
receives compensation from the Company.  Each, however, is entitled to be
reimbursed for expenses incurred in performing duties on behalf of the
Company.

  The following table sets forth certain information regarding compensation
paid by the Company for services rendered to the Company during its fiscal
year ended December 31, 1998, its fiscal year ended December 31, 1997, its
transitional year ended December 31, 1996 and its fiscal year ended September
30, 1996 by its Chief Executive Officer and President.  None of the Company's
executive officers (the named Executive Officers) had a total salary, plus
bonus, exceeding $100,000 during this period.

                    Summary Compensation Table           

               Annual Compensation    Long-Term Compensation
                                                            Securities
Name and               Fiscal Year               Restricted Underlying
Principal Position       Ended       Salary(s)(1)  Stock Awards   Options
Mark G. Holbrook,       12-31-98        (2)           -0-           -0-
Chairman, Chief         12-31-97        (2)           -0-           -0-
Executive Officer       12-31-96        (2)           -0-           -0-
                         9-30-96        (2)           -0-           -0-
 
John C. Garmo,          12-31-98     $71,820          -0-           -0-
President               12-31-97      62,575          -0-           -0-
                        12-31-96      14,815          -0-           -0-
                         9-30-96      59,500          -0-           -0-

(1)   No bonuses were paid to any executive officers during the periods 
      stated.

(2)   Mr. Holbrook is a full-time employee of ECCU.  Since December 1, 1994,
      the commencement date of Mr. Garmo's employment by the Company, Mr.
      Holbrook has expended, on the average, approximately 2% of his time as
      an officer and director of the Company.  The Company reimburses ECCU for
      that portion of Mr. Holbrook's time devoted to service to the Company as
      an officer (but not director).  Mr. Holbrook currently devotes less than
      1% of his time as an officer of the Company.  Option/Warrant Grants in
      Current Fiscal Year.  No options, warrants or other rights to purchase
      securities of the Company have been issued.

Item 11.  Security Ownership of Certain Beneficial Owners and Management

  The Company has 100,000 shares of its common stock outstanding, all of
which shares are owned by Evangelical Christian Credit Union.  These shares
are not traded publicly.  None of the Company's officers or directors
beneficially owns any of these shares.  The Company does not have outstanding
any options, warrants or convertible securities.  No other rights to purchase
securities of the Company have been issued.

Item 12.  Certain Relationships and Related Transactions

     None

Item 13.  Exhibits and Reports on Form 8-K

                             Exhibits:
     27       Financial Data Schedule (included)

                        Reports on Form 8-K:  
     None


                             SIGNATURES
          
   In accordance with Section 13 or 15(d) of the Exchange Act, the Registrant
caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.

Dated: March 31, 1999  MINISTRY PARTNERS INVESTMENT CORPORATION
                     (Registrant)
 
                                           By:  /s/ John C. Garmo
                                                John C. Garmo, President

                                           By:  /s/ Brian Scharkey
                                                Brian Scharkey,
                                                Principal Accounting Officer


                  MINISTRY PARTNERS INVESTMENT CORPORATION

                            FINANCIAL STATEMENTS

                         DECEMBER 31, 1998 AND 1997


                         TURNER, WARREN, HWANG & CONRAD
                            ACCOUNTANCY CORPORATION


                                TABLE OF CONTENTS




                                                     Page

Independent Auditor's Report                          1

Balance Sheets                                        2

Statements of Income and Retained Earnings            3

Statements of Cash Flows                              4

Notes to Financial Statements                         6


                    TURNER, WARREN, HWANG & CONRAD
                        ACCOUNTANCY CORPORATION
                    100 NORTH FIRST STREET, SUITE 202
                       BURBANK, CALIFORNIA 91502

GARY W. TURNER, CPA
JUDITH M. WARREN
WALTER Y. HWANG, CPA
DAVID A. CONRAD

                                                          (818) 955-9537
                                                          (562) 435-2826

                                                      FAX (818) 955-8416
INDEPENDENT AUDITOR'S REPORT


Board of Directors
Ministry Partners Investment Corporation
Anaheim, California

We have audited the accompanying balance sheets of Ministry Partners
Investment Corporation as of December 31, 1998 and 1997, and the related
statements of income and retained earnings and cash flows for the years then
ended.  These financial statements are the responsibility of the Company's
management.  Our responsibility is to express an opinion on these financial
statements based on our audits.

We conducted our audits in accordance with generally accepted auditing
standards.  Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements are free of
material misstatement.  An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements.  An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation.  We believe that our audits provide a reasonable basis
for our opinion.

In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of Ministry Partners Investment
Corporation as of December 31, 1998 and 1997, and the results of its
operations and its cash flows for the years then ended in conformity with
generally accepted accounting principles.

TURNER, WARREN, HWANG & CONRAD
ACCOUNTANCY CORPORATION

Burbank, California
February 3, 1999



    Financial Statements for the Years Ended December 31, 1998 and 1997

<TABLE>
<CAPTION>
                          BALANCE SHEETS
                                                      DECEMBER 31,             
                                             1998 audited     1997 audited 
                              ASSETS
<S>                                         <C>              <C>
Current Assets

Cash                                      $       267,653     $    119,985
Notes receivable, net of allowance for losses     344,434          418,958
Loans receivable                                    3,590            1,811
Interest receivable                                82,781           41,771
Accounts receivable                                 1,155            4,000
Prepaid expenses                                   24,372           51,602
    Total Current Assets                  $       723,985     $    638,127

Other Assets
 Notes receivable                              12,751,758        9,108,815
 Loans receivable                                  58,960           71,216 
 Property and equipment, net                        3,987                -
    Total Other Assets                         12,814,705        9,180,031

        Total Assets                      $    13,538,690     $  9,818,158

<CAPTION>
                           LIABILITIES AND STOCKHOLDER'S EQUITY
<S>                                         <C>              <C>
Current Liabilities
 Accounts payable                         $        20,715     $     16,253
 Line of credit                                         -          980,000
 Notes payable - current portion               10,877,010        5,792,705
 Income taxes payable                              17,149            3,694
     Total Current Liabilities                 10,914,874        6,792,652

Long-term Liabilities
 Notes payable                                 12,456,227        7,803,870
 Less current portion                         (10,877,010)      (5,792,705)
     Total Long-term Liabilities                1,579,217        2,011,165

Stockholder's Equity
 Common stock, 10,000,000 shares authorized,
   100,000 shares issued and outstanding, 
   no par value                                 1,000,000        1,000,000
 Retained earnings                                 44,599           14,341
     Total Stockholder's Equity                 1,044,599        1,014,341

  Total Liabilities and Stockholder's Equity $ 13,538,690     $  9,818,158

<CAPTION>
The Accompanying notes are an integral part of these financial statements


                     STATEMENTS OF INCOME AND RETAINED EARNINGS

                                                     DECEMBER 31,
                                            1998 audited      1997 audited
<S>                                         <C>              <C> 
INTEREST INCOME
    Notes receivable and loans receivable $       986,717     $    512,411
    Interest-bearing accounts                      18,014           12,986
        Total Interest Income                   1,004,731          525,397

INTEREST EXPENSE
    Line of credit                                 21,235           21,948
    Notes payable                                 644,011          335,806
        Total Interest Expense                    665,246          357,754

NET INTEREST INCOME                               339,485          167,643

PROVISION FOR NOTES RECEIVABLE LOSSES              10,000                -

NET INTEREST INCOME AFTER PROVISION FOR
  NOTE RECEIVABLE LOSSES                          329,485          167,643

OTHER INCOME
    Point fee income                                    -           52,750
        Total Other Income                              -           52,750

OPERATING EXPENSES
Salaries and benefits reimbursed                  126,497          113,268
Marketing and promotion                            36,655           34,557
Office occupancy                                   10,921           12,585
Office operations                                  61,132           10,089
Legal and accounting                               40,496           39,133
Amortization                                            -            2,585
        Total Operating Expenses                  275,701          212,217

INCOME BEFORE PROVISION FOR INCOME TAXES           53,784            8,176

Provision for Income Taxes                         23,526            5,854

NET INCOME                                         30,258            2,322

<CAPTION>
The Accompanying notes are an integral part of these financial statements 


                           STATEMENTS OF CASH FLOWS
                                                      DECEMBER 31,
                                             1998 audited     1997 audited
<S>                                         <C>              <C>  
CASH FLOWS FROM OPERATING ACTIVITIES
Net income                                $        30,258     $      2,322
Adjustments to reconcile net income to net cash
  provided by operating activities:
   Depreciation and amortization                    1,184            2,585
   Provision for notes receivable                  10,000                -
Increase in accrued interest receivable           (41,010)          (6,839)
Decrease in prepaid expense                        27,230           11,579
Decrease (increase) in accounts receivable          2,845           (4,000)
Increase in accounts payable                        4,462            6,500
Increase in income taxes payable                   13,455            2,340
    
Net Cash Provided by Operating Activities          48,424           14,487

CASH FLOWS FROM INVESTING ACTIVITIES
New loans made                                          -          (75,000)
Principal payments received on loans receivable    10,477            1,973
Purchase of notes receivable                   (5,459,964)     (11,725,575)
Principal payments received on notes receivable 1,881,547        5,535,383
Proceeds from maturities of certificate of deposit      -           78,426
Purchase of property and equipment                 (5,171)               -

Net Cash Used by Investing Activities          (3,573,111)      (6,184,793)

CASH FLOWS FROM FINANCING ACTIVITIES
Advances made on line of credit                 1,672,384        3,606,675
Amounts paid on line of credit                 (2,652,384)      (3,044,579)
Principal payments made on notes payable       (1,735,252)      (4,046,880)
Proceeds from borrowings on notes payable       6,387,607        9,693,098

Net Cash Provided by Financing Activities       3,672,355        6,208,314     

Net increase in cash and cash equivalents         147,668           38,008

Cash and cash equivalents at beginning of year    119,985           81,977

Cash and cash equivalents at end of year       $  267,653     $    119,985

</TABLE>

The Accompanying notes are an integral part of these financial statements 

                         NOTES TO FINANCIAL STATEMENTS     
                           DECEMBER 31, 1998 AND 1997  

NOTE 1 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Nature of Business:  
  
  Ministry Partners Investment Corporation was incorporated in California in
1991 and is a wholly-owned subsidiary of Evangelical Christian Credit Union
(ECCU). The Company provides funds for real property secured loans for the
benefit of Evangelical churches and church organizations through funding
provided by members of and persons associated with such churches and
organizations.  The Company's offices, as well as those of its loan
origination source, ECCU, are located in the state of California and
substantially all of the business and operations of the Company are currently
conducted in California and its mortgage loan investments are concentrated in
California.

Use of Estimates:  
  
  The preparation of financial statements in conformity with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and
disclosures of contingent assets and liabilities as of the date of the 
financial statements and the reported amounts of revenues and expenses during
the reporting period.  Actual results could differ from those estimates.

Notes Receivable:
  
  Interest income on notes receivable is recognized over the term of the note
and is generally computed using the simple interest method.  The allowance for
notes receivable losses is increased by charges to income and decreased by
charge offs (net of recoveries).

Property and Equipment: 
 
  Furniture, fixtures, and equipment are stated at cost, less accumulated
depreciation.  Depreciation is computed on a straight-line basis over the
estimated useful lives of the assets, which range from three to five years.

Prepaid Offering Expense:
  
  Prepaid public offering is related to a public offering of unsecured notes. 
It is being amortized over a three-year period.

Organization and Start Up Costs:
  
  Organization and start-up costs have been capitalized and are being
amortized, using the straight-line method over a five-year period.

Reclassification:

  Certain account reclassifications have been made to the financial statements
of the prior year in order to conform to classification used in the current
year.


NOTE 2 -  RELATED PARTY TRANSACTIONS

  The Company maintains all its funds at the parent, ECCU.  Total funds held
with ECCU at December 31, 1998 and 1997 were $267,653 and $119,985,
respectively.  Interest earned on these funds for the years ended December 31,
1998 and 1997 were $18,014 and $12,986, respectively.  

  The Company, as part of its investment strategy, purchases an interest in 
loans offered for sale by ECCU.  In consideration, ECCU has entered into an
agreement with the Company to share net fee income on loans purchased.  The
Company purchased loans totaling $5,459,964 and $11,725,575 from ECCU and
received $-0- and $52,750 of fee income from ECCU on selected loans purchased
during the years ended December 31, 1998 and 1997, respectively.  The Company
recognized interest income on notes receivable from ECCU of $986,717 and
$512,411 during the years ended December 31, 1998 and 1997, respectively.

  The Company pays support charges for management services and rent to ECCU on
a month-to-month basis.  A charge of $35,575 and $30,074 was made for these
services for the years ended December 31, 1998 and 1997, respectively.  The
method used to arrive at the periodic charge is based on the fair market value
of services provided.  Management believes that such method is reasonable.

  The Company reimburses ECCU for salaries and benefits of employees.  The
amount reimbursed for the years ended December 31, 1998 and 1997 was $126,497
and $113,268, respectively. There was $18,082 and $11,739 due to ECCU at
December 31, 1998 and 1997, respectively.


NOTE 3 - NOTES RECEIVABLE

  The notes receivable are backed by loan participation agreements secured by
loans originated by ECCU to various churches and related organizations to
finance facilities.  Loan maturities extend through 2010, although the
majority are due in 2000 to 2002.  The notes earn interest at rates between 8%
and 11.750%, with a weighted average yield of 8.855%.

  The allowance for notes receivable losses of $10,000 has been established
during 1998.  The Company has no experience of loan loss and, as of December
31, 1998, none of the loans are impaired.  Management believes all of the
notes are adequately secured and the allowance is adequately maintained.


NOTE 4 - LINE OF CREDIT

  The Company has an unsecured $2,100,000 line of credit with ECCU that
expires March  31, 1999. There were none outstanding as of December 31, 1998. 
Interest at December 31, 1998 was 7.50%, and varies according to ECCU's cost
of funds.  Interest of $21,235 and $21,948 was paid to ECCU during the years
ended December 31, 1998 and 1997, respectively.


NOTE 5 - NOTES PAYABLE

  The Company has unsecured notes payable at December 31, 1998, as follows:

                                                    Total       Interest Rate

Private Placement Notes                         $      331,377  6.36% - 8.55%
Public Offering Notes                                  386,878  6.90% - 8.66%
National Offering Notes                              5,997,823  4.81% - 7.36%
Special Offering Notes                               5,729,972  5.31% - 7.00%
Offshore Notes                                          10,177          6.12%

                                                $   12,456,227 

Notes payable are substantially to members of ECCU.

The following are maturities of notes payable for each of the next five years:


        Year Ending
        December 31                  1998                  1997
               
               1998        $          -         $     5,689,477
               1999            10,877,010             1,306,032
               2000               864,736               478,047
               2001               149,111                98,531
               2002               284,984               231,783
               2003               280,386                   -

                           $   12,456,227       $     7,803,870


NOTE 6 - PUBLIC OFFERING

  In August 1994, the Company received approval from the Department of
Corporations of the State of California to offer $6,000,000 in unsecured notes
payable, of which only $3,000,000 may be outstanding at any one time.  There
were $386,878 and $478,643 outstanding at December 31, 1998 and 1997,
respectively.  This offering has been discontinued.

  The Company filed a registration statement with the U.S. Securities and
Exchange Commission and received approval in October 1996 to offer $5,000,000
in unsecured promissory notes to the public.  There were $1,920,261 and
$3,421,729 outstanding at December 31, 1998 and 1997, respectively.

  The Company filed a registration statement with the U. S. Securities and
Exchange Commission and received approval in December 1997 to offer
$15,000,000 in unsecured promissory notes to the public.  There was $4,077,563
outstanding as of December 31, 1998. 


NOTE 7 - INCOME TAXES

  Federal income and state franchise taxes for the years ended December 31,
1998 and 1997 are as follows:


                                1998                  1997

Federal income taxes   $      14,537     $           3,660
State franchise taxes          8,989                 2,194                     

                       $      23,526     $           5,854


NOTE 8 - CONCENTRATION OF CREDIT RISK

At December 31, 1998 and 1997, the Company had cash at ECCU which is not
federally insured. The aggregate uninsured amount was $123,387 and $105,045,
respectively.