Exhibit
10.8




PROMISSORY
NOTE




New
      York, New York$150,000,000
            October
      30, 2007






FOR VALUE
RECEIVED, the undersigned, MINISTRY PARTNERS FUNDING, LLC (“Borrower”) promises
to pay to the order of FAIRWAY FINANCE COMPANY, LLC (“Lender”) the
aggregate unpaid principal amount of all Loans made by the Lender to, or for the
benefit of, the Borrower, as recorded either on the grid attached to this Note
or in the records of BMO Capital Markets Corp. (the “Agent”) or the Lender
(and such recordation shall constitute prima facie evidence of the
information so recorded; provided, however, that the
failure to make any such recordation shall not in any way affect the Borrower’s
obligation to repay this Note).  The principal amount of each Loan
evidenced hereby shall be payable on or prior to the Facility Termination Date
as provided in the Loan Agreement.




Borrower
further promises to pay interest on the unpaid principal amount of this Note
from time to time outstanding, payable as provided in the Loan Agreement, at the
rates per annum provided in the
Loan Agreement; provided, however, that such
interest rate shall not at any time exceed the maximum rate permitted by
law.  All payments of principal of and interest on this Note shall be
payable in lawful currency of the United States of America at the office of the
Agent as provided in the Loan Agreement, in immediately available
funds.




This Note
is executed in connection with that certain Loan, Security and Servicing
Agreement, dated as of October 30, 2007, among the Borrower, the Lender,
Evangelical Christian Credit Union, as Servicer, Agent, U.S. Bank National
Association, as Custodian and Account Bank, and Lyon Financial Services, Inc.
(d/b/a U.S. Bank Portfolio Services), as Back-Up Servicer  (as it may
be amended or modified from time to time, herein called the “Loan
Agreement”).  Capitalized terms used herein and not otherwise
defined herein shall have the meanings assigned to such terms in the Loan
Agreement.  This Note is secured pursuant to the provisions set forth
in the Loan Agreement and reference is hereby made to the Loan Agreement for a
statement of the terms and provisions of such security.




All
parties hereto, whether as makers, endorsers, or otherwise, severally waive
presentment for payment, demand, protest, and notice of dishonor, notice of the
existence, creation or nonpayment of all or any of the Loans and all other
notices whatsoever.




THIS
AGREEMENT SHALL BE DEEMED A CONTRACT AND INSTRUMENT MADE UNDER THE LAWS OF THE
STATE OF NEW YORK AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH AND
GOVERNED BY THE LAWS OF THE STATE OF NEW YORK AND THE LAWS OF THE UNITED STATES
OF AMERICA.  EACH PARTY HERETO HEREBY AGREES THAT ANY LEGAL ACTION OR
PROCEEDING AGAINST IT WITH RESPECT TO THIS AGREEMENT MAY BE BROUGHT IN THE
COURTS OF THE STATE OF NEW YORK OR OF THE UNITED STATES OF AMERICA FOR THE
SOUTHERN DISTRICT OF NEW YORK AS LENDER MAY ELECT, AND, BY EXECUTION AND
DELIVERY HEREOF, EACH PARTY HERETO ACCEPTS AND CONSENTS FOR ITSELF AND IN
RESPECT TO ITS PROPERTY, GENERALLY
AND UNCONDITIONALLY, THE NON EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS.
EACH PARTY HERETO AGREES THAT SECTIONS 5-1401 AND 5-1402 OF THE GENERAL
OBLIGATIONS LAW OF THE STATE OF NEW YORK SHALL APPLY TO THE LOAN DOCUMENTS AND
WAIVES ANY RIGHT TO STAY OR TO DISMISS ANY ACTION OR PROCEEDING BROUGHT BEFORE
SAID COURTS ON THE BASIS OF FORUM NON CONVENIENS.  EACH PARTY HERETO
HEREBY WAIVES PERSONAL SERVICE OF ANY AND ALL PROCESS UPON IT, AND AGREES THAT
ALL SUCH SERVICE OF PROCESS MAY BE MADE BY REGISTERED MAIL DIRECTED TO IT AT THE
ADDRESS SET FORTH IN  THE LOAN AGREEMENT AND SERVICE SO MADE SHALL BE
DEEMED TO BE COMPLETED UPON ACTUAL RECEIPT THEREOF.







Whenever
possible each provision of this Note shall be interpreted in such manner as to
be effective and valid under applicable law, but if any provision of this Note
shall be prohibited by or invalid under applicable law, such provision shall be
ineffective to the extent of such prohibition or invalidity, without
invalidating the remainder of such provision or the remaining provisions of this
Note.  Whenever in this Note reference is made to Lender or Borrower,
such reference shall be deemed to include, as applicable, a reference to their
respective successors and assigns.  The provisions of this Note shall
be binding upon and shall inure to the benefit of such successors and
assigns.  Borrower’s successors and assigns shall include, without
limitation, a receiver, trustee or debtor in possession of or for
Borrower.







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




MINISTRY
      PARTNERS FUNDING, LLCBy:Name:Title:











GRID
ATTACHED TO NOTE


DATED
OCTOBER 30,
2007


MINISTRY
PARTNERS FUNDING, LLC


AS
BORROWER


PAYABLE
TO THE ORDER OF FAIRWAY FINANCE COMPANY, LLC




Loans
made by the Lender to the Borrower and payments of principal of such
Loans.





Date
            Amount
      of
              Loan
            Outstanding
              Principal
              Balance
            Notation
              Made
      By