Exhibit 10.1


                                                                  [KeyBank Logo]

                                                    Key Bank Real Estate Capital
                                                         1200 Abernathy Road, NE
                                                                      Suite 1550
                                                               Atlanta, GA 30328


                                December 12, 2007



American Church Mortgage Company
c/o Church Loan Advisors, Inc.
10237 Yellow Circle Drive
Minnetonka, MN 55343
Attn:    Phillip J. Myers
         Scott Marquis


Re:      Revolving Credit Agreement among American Church Mortgage Company, as
         Borrower, KeyBank National Association, as Agent and Lender, and the
         other lenders from time to time party to this Agreement, dated as of
         July 18, 2007, as subsequently amended.


To Whom It May Concern:

     This  letter   serves  to  amend  Section  9.5  to  permit  the  amount  of
Non-Performing  Assets to total up to, but not  including,  twenty-five  percent
(25.0%) of the sum of its Consolidated  Tangible Net Worth plus Actual Loan Loss
Reserve  Balance  through  March 30, 2008.  Please note that the testing of this
financial  covenant on March 31, 2008 shall be completed at the original  twenty
percent (20.0%) level.

                                             Very truly yours,


                                            /s/ Tayven Hike
                                            KeyBank National Association, Agent


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