NOTE
                                                                    Exhibit 10.2
$15,000,000.00                                                     July 26, 2007



     FOR VALUE RECEIVED,  the undersigned  AMERICAN CHURCH MORTGAGE  COMPANY,  a
Minnesota  corporation  (the  "Borrower"),  hereby  promises  to pay to  KEYBANK
NATIONAL ASSOCIATION,  a national banking association (the "Payee") or order, in
accordance with the terms of that certain Revolving Credit Agreement dated as of
July 26, 2007 (as amended,  restated,  supplemented  or otherwise  modified from
time to time,  the "Credit  Agreement"),  among the Borrower,  KeyBank  National
Association  ("KeyBank"),  for itself and as the Agent,  and such other Banks as
may be from time to time named  therein,  to the extent not sooner  paid,  on or
before the  Maturity  Date,  the  principal  sum of FIFTEEN  MILLION  and NO/100
Dollars  ($15,000,000.00),  or such amount as may be advanced by the Payee under
the Credit  Agreement,  with daily  interest  from the date  hereof  computed as
provided in the Credit  Agreement,  on the principal  amount hereof from time to
time unpaid,  at a rate per annum on each portion of the principal  amount which
shall at all times be equal to the rate of interest  applicable  to such portion
in accordance with the Credit Agreement,  and with interest on overdue principal
and, to the extent  permitted  by  applicable  law, on overdue  installments  of
interest and late charges,  at the rates provided in the Credit  Agreement (this
"Note").  Interest  shall  be  payable  on the  dates  specified  in the  Credit
Agreement,  except  that all  accrued  interest  shall be paid at the  stated or
accelerated  maturity hereof or upon the prepayment in full hereof.  Capitalized
terms used herein and not otherwise  defined  herein shall have the meanings set
forth in the Credit Agreement.

     Payments hereunder shall be made to KeyBank, as the Agent for the Payee, at
127 Public Square,  Cleveland, Ohio 44114, or at such other address as the Agent
may designate from time to time.

     This Note is one of one or more Notes  evidencing  borrowings  under and is
entitled to the benefits and subject to the provisions of the Credit  Agreement.
The  principal  of this Note may be due and payable in whole or in part prior to
the  Maturity  Date and is subject to  mandatory  prepayment  in the amounts and
under the circumstances set forth in the Credit Agreement, and may be prepaid in
whole or from time to time in part, all as set forth in the Credit Agreement.

     Notwithstanding  anything  in this  Note to the  contrary,  all  agreements
between  the  undersigned  Borrower  and the Banks and the  Agent,  whether  now
existing or hereafter arising and whether written or oral, are hereby limited so
that in no contingency, whether by reason of acceleration of the maturity of any
of the Obligations or otherwise,  shall the interest  contracted for, charged or
received by the Banks exceed the maximum  amount  permissible  under  applicable
law. If, from any circumstance  whatsoever,  interest would otherwise be payable
to the Banks in excess of the maximum lawful amount, the interest payable to the
Banks shall be reduced to the maximum amount permitted under applicable law; and
if from any  circumstance  the Banks shall ever receive anything of


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value deemed  interest by applicable law in excess of the maximum lawful amount,
an amount equal to any excessive  interest  shall be applied to the reduction of
the principal balance of the Obligations of the undersigned  Borrower and to the
payment of interest or, if such excessive interest exceeds the unpaid balance of
principal of the Obligations of the undersigned  Borrower,  such excess shall be
refunded to the undersigned Borrower.  All interest paid or agreed to be paid to
the Banks  shall,  to the extent  permitted  by  applicable  law, be  amortized,
prorated,  allocated and spread throughout the full period until payment in full
of the principal of the Obligations of the undersigned  Borrower  (including the
period of any renewal or  extension  thereof) so that the  interest  thereon for
such full period shall not exceed the maximum  amount  permitted  by  applicable
law.  This  paragraph  shall  control all  agreements  between  the  undersigned
Borrower and the Banks and the Agent.

     In case an Event of Default  shall occur,  the entire  principal  amount of
this Note may become or be  declared  due and payable in the manner and with the
effect provided in said Credit  Agreement.  In addition to and not in limitation
of the foregoing and the  provisions of the Credit  Agreement,  the  undersigned
further agrees, subject only to any limitation imposed by applicable law, to pay
all expenses,  including reasonable attorneys' fees and legal expenses, incurred
by the  holder  of this Note in  endeavoring  to  collect  any  amounts  payable
hereunder which are not paid when due, whether by acceleration or otherwise.

     This Note shall be governed by and construed in accordance with the laws of
the State of Georgia (without giving effect to the conflict of laws rules of any
jurisdiction). Time is of the essence of this Note.

     The  undersigned  maker and all  guarantors  and  endorsers,  hereby  waive
presentment,  demand,  notice,  protest,  notice of intention to accelerate  the
indebtedness  evidenced  hereby,  notice  of  acceleration  of the  indebtedness
evidenced  hereby  and all other  demands  and  notices in  connection  with the
delivery,  acceptance,  performance  and  enforcement  of this  Note,  except as
specifically  otherwise  provided  in  the  Credit  Agreement,   and  assent  to
extensions of time of payment or forbearance or other indulgence without notice.






                   [EXECUTION CONTAINED ON THE FOLLOWING PAGE]



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     IN WITNESS  WHEREOF the  undersigned  has by its duly  authorized  officer,
executed this Note under seal as of the day and year first above written.


                                         AMERICAN CHURCH MORTGAGE
                                         COMPANY, a Minnesota corporation


                                            By:/s/ Philip J. Myers
                                              Name: Philip J. Myers
                                              Title: President

                                               [CORPORATE SEAL]