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                                                                   Exhibit 10.15
                            SECURED PROMISSORY NOTE



$1,250,000.00                                                     August 1, 2001
                                                           San Diego, California


        FOR VALUE RECEIVED, receipt of which is hereby acknowledged, the
undersigned, Joseph J. Lydon ("Payor"), promises to pay to the order of
Accredited Home Lenders, Inc., a California corporation ("Accredited"), at 15030
Avenue of Science, Suite 100, San Diego, CA 92128, or order ("Holder"), in
lawful money of the United States of America, the principal sum of One Million
Two Hundred Fifty Thousand and 00/100 Dollars ($1,250,000.00) on the earlier of
(i) the fourth anniversary of the date of this Secured Promissory Note (this
"Note"), which fourth anniversary is August 1, 2005, and (ii) such date, if any,
as Payor's employment with Accredited may terminate (such earlier date, the "Due
Date"). Such principal sum shall bear interest from the date hereof at a rate of
Ten and 60/100 Percent (10.60%) per annum (the "Note Rate") on the unpaid
balance of this Note, compounded annually. Accrued but unpaid interest shall be
payable on each anniversary of the date hereof and on the Due Date. The entire
outstanding balance of principal and accrued but unpaid interest shall be due
and payable on the Due Date. This Note is issued in connection with Payor's
purchase of Common Stock of Holder through the exercise of options therefor.

        1. Terms and Conditions of Payments.  Each payment shall be credited
first to accrued but unpaid interest and the balance to principal, and on the
Due Date, interest shall cease to accrue on the amount of principal so paid.
Should interest not be paid when due hereunder, it shall be added to the
principal and thereafter bear like interest as the principal, provided such
unpaid interest so compounded shall not exceed an amount equal to simple
interest on the unpaid principal at the maximum rate permitted by law.  Interest
shall be computed on the basis of a year of 365 days and the actual number of
days elapsed.

        2. Prepayment; Security Interest.  Payor may prepay all or part of the
outstanding principal balance of this Note at any time, provided, that interest
shall continue to be due and payable on the original principal amount of this
Note, unreduced by any such prepayment, at the Note Rate on each anniversary of
the date of this Note through the Due Date.  This Note is secured by shares of
Common Stock of Holder pursuant to the terms of a Stock Pledge Agreement of
even date herewith between Holder and Payor.

        3. Default. If any installment of interest or principal shall not be
paid within fifteen days after Payor shall receive written notice of default,
Holder shall have all the rights and remedies available to it under this Note
and applicable law, and shall have the right to declare all or part of the
principal under this Note, and any accrued interest thereon, immediately due and
payable.  Upon any default hereunder, Holder agrees to first look to the shares
of Common Stock which are pledged as security under the Stock Pledge Agreement
before pursuing personal liability against Payor; provided, however, that Payor
shall in all cases be liable for any deficiency.

        4. General Provisions.

           (a) Holder shall not be deemed, by any act of omission or commission,
to have waived any of its rights or remedies hereunder unless such waiver is in
writing and signed by Holder



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and then only to the extent specifically set forth in writing.  A waiver with
reference to one event shall not be construed as continuing or as a bar to or
waiver of any right or remedy as to a subsequent event.  No delay or omission of
Holder to exercise any right, whether before or after a default hereunder, shall
impair any such right or shall be construed to be a waiver of any right or
default, and the acceptance at any time by Holder of any past-due amounts shall
not be deemed to be a waiver of the right to require prompt payment when due of
any other amounts then or thereafter due and payable.  All payments shall be
made without set-off or counterclaim.

           (b) The remedies of Holder as provided herein, or at law or in
equity, shall be cumulative and concurrent, and may be pursued singly,
successively, or together at the sole discretion of Holder, and may be exercised
as often as occasion therefor shall occur.

           (c) This Note shall be governed and construed in accordance with and
pursuant to the laws of the State of California.

           (d) Payor agrees to reimburse Holder for all costs of collection or
enforcement of this Note, whether or not suit is filed, including, but not
limited to, reasonable attorneys' fees, incurred by Holder.

           (e) Upon payment in full of all principal and interest payable
hereunder, this Note shall be surrendered to Payor for cancellation.

       IN WITNESS WHEREOF, the undersigned, intending to be legally bound
hereby, has duly executed this Note as of the day and year first above written.



                                            /s/ Joseph J. Lydon
                                            ------------------------------------
                                                JOSEPH J. LYDON



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