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          FORM 10-Q--QUARTERLY REPORT UNDER SECTION 13 OR 15(D)
          OF THE SECURITIES EXCHANGE ACT OF 1934


                              UNITED STATES

                   SECURITIES AND EXCHANGE COMMISSION

                         Washington, D.C. 20549

                                FORM 10-Q

                               (Mark One)

 [X] Quarterly Report Pursuant to Section 13 or 15(d) of the
                     Securities Exchange Act of 1934
                 For the period ended September 30, 2000

                                          or
 [  ]  Transition Report Pursuant to Section 13 or 15(d) of the
Securities
 Exchange Act of 1934
 For the transition period from __________ to _______________


                   Commission File Number: 33-18089-A


                          HICKORY LENDERS, LTD.
         (Exact name of Registrant as specified in its charter)


 Tennessee                               62-1336905
 (State or other jurisdiction of         (I.R.S. Employer
  incorporation or organization)         Identification)


        4400 Harding Road, Suite 500, Nashville, Tennessee 37205
 (Address of principal executive office) (Zip Code)

                              (615)  292-1040
           (Registrant's telephone number, including area code)


       Indicate  by  check  mark  whether the  Registrant  (1) has
filed  all reports required to be filed by Section 13 or 15(d) of
the Securities Exchange  Act of 1934  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 at least the past 90 days.
                                  YES    X     NO  ___

  
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                       PART I. FINANCIAL INFORMATION

 Item 1. FINANCIAL STATEMENTS



                                   INDEX



         Financial Statements:

               Balance Sheets                                3
               Statements of Operations                      4
               Statements of Cash Flows                      5
               Notes to Financial Statements                 6




  
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 <TABLE>
                          HICKORY LENDERS, LTD.
                         (A Limited Partnership)
                             BALANCE SHEETS
                               (Unaudited)

<CAPTION>
                         September 30, 2000    December 31, 1999
                           -------------        -------------
<S>                              <C>                 <C>


                                  ASSETS

CASH                         $   281,654        $     36,981

RESTRICTED CASH                  112,314             188,072

LAND IMPROVEMENTS HELD FOR
INVESTMENTS                    1,194,236           1,312,304


        Total Assets         $ 1,588,204        $  1,537,357
                              ==========          ==========



                  LIABILITIES &  PARTNERS' EQUITY

LIABILITIES:

Accounts Payable             $    61,381        $     61,310
Property Tax Payable              24,468              23,184

PARTNERS' EQUITY:

   Limited partners (4,200
      units outstanding)       1,502,355           1,452,863

   General partner                     -                   -

   Total Partners' equity      1,502,355           1,452,863


   Total Liabilities &
   Partners' Equity           $1,588,204        $  1,537,357

                              ==========          ==========

<FN>
                    See notes to financial statements.
</TABLE>

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<TABLE>


                         HICKORY LENDERS, LTD.
                        (A Limited Partnership)

                        STATEMENTS OF OPERATIONS
                             (Unaudited)


<CAPTION>

                      Three Months Ended   Nine Months Ended
                                  SEPTEMBER 30,
                                _________________

                       2000      1999       2000      1999
<S>                    <C>        <C>       <C>        <C>
REVENUE:

Land Sales          $  263,200       -   $ 283,200        -
Cost of Land Sold      (99,569)      -    (143,160)       -
Selling Expenses       (37,670)      -     (38,060)       -
                      -------- --------  --------- --------
Gain of Land Sales     125,961       -     101,980        -

Interest Income          1,036       -       3,805        -

Net Revenue            126,997       -     105,785        -

EXPENSES:

 Property Taxes         26,644  25,280      26,760   25,280
  Legal &
  Accounting Fees          400   3,822      17,370   16,047
 General &
  Admin. Expenses        3,307      96       6,913       96
    Mortgage
  Servicing Fee          1,750   1,750       5,250    5,250

  Total Expenses        32,101  30,948      56,293   46,673

NET INCOME (LOSS)   $   94,896 (30,948)  $  49,492  (46,673)

Net Income(Loss) per limited
   partner unit       $ (22.59)  (7.37)  $    11.78   (11.11)

<FN>
                       See notes to financial statements

</TABLE>

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<TABLE>

                           HICKORY LENDERS, LTD.
                          (A Limited Partnership)

                          STATEMENTS OF CASH FLOWS
                               (Unaudited)

<CAPTION>

                                          Year-to-date
                                          SEPTEMBER 30,
                                     __________________________
                                      2000          1999
                                      ____           ____
<S>                                   <C>            <C>
Cash Flows from Operating Activities:

  Net Income (Loss)               $    49,492    $(46,673)

  Adjustments to reconcile Net Income
  (Loss) to Net Cash provided by (used in) Operating
  Activities:
   Cost of Land Sold                  143,160           -
   Cost of Land Improvements          (25,092)          -
   Increase in Land
   Held for Investment                      -      (3,703)
  (Decrease) Increase in
   Accounts Payable                   (23,113)     84,280
   Increase in Property Tax Payable     24,468           -
  Decrease (Increase) in
  Restricted Cash                      75,758    (183,838)

  Net Cash provided by (used in)
     Operating Activities             244,673    (149,934)

Net Increase (Decrease) in Cash       244,673    (149,934)

CASH AT JANUARY 1,                     36,981     192,414

CASH AT SEPTEMBER 30,            $    281,654   $  42,480
                                    =========     ========
<FN>
                      See notes to financial statements.

</TABLE>

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                           HICKORY LENDERS, LTD.
                          (A Limited Partnership)
                        NOTES TO FINANCIAL STATEMENTS
   For the Three and Nine Months Ended September 30, 2000 and 1999
                               (Unaudited)

  A.ACCOUNTING POLICIES

    The  unaudited financial statements presented herein have been
prepared in accordance with the instructions to Form 10-Q and do
not include all of the information and note disclosures required by
generally accepted accounting principles.  These statements should
be read in conjunction with the financial statements and notes
thereto included in the Partnership's Form  10-K for the year ended
December 31, 1999.  In the opinion of management,  such financial
statements include all adjustments, consisting only of normal
recurring adjustments, necessary to summarize fairly the
Partnership's  financial position and results of operations.
  The results of operations for the nine month period ended
September 30, 2000 may not be indicative of the results that may be
expected for the year ending December 31, 2000.

  B.RELATED PARTY TRANSACTIONS

    The General Partner and its affiliates have been actively
involved in managing the Partnership's operations.  Compensation
earned for these services in the first nine months were as follows:

                                           2000       1999
Mortgage Servicing Fee                  $5,520      $ 5,250
Accounting Fees                         $8,903      $ 2,200

 C. COMPREHENSIVE INCOME

    During the three and nine month periods ended September 2000
and 1999, the Partnership had no components of other comprehensive
income.  Accordingly, comprehensive income for each of the periods
was the same as net income (loss).


 
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 Item 2: MANAGEMENT'S DISCUSSION AND ANALYSIS OF
         FINANCIAL CONDITION AND RESULTS OF OPERATIONS

RESULTS OF OPERATIONS FOR THE QUARTER ENDED SEPTEMBER 30, 2000.

The  Partnership's  primary business was to lend monies to Hickory
Hills, Ltd.  On December 31, 1998, the Partnership began the
process of foreclosing on the debt from Hickory Hills, Ltd. after
the note matured and payment was not made.  The General Partner
determined that the value of the underlying collateral could not
result in full payment of the principal and accrued interest.
Foreclosure proceedings were completed on June 29, 1999.

The Registrant's primary business is now to develop and dispose of
certain undeveloped real properties located in Nashville, Davidson
County, Tennessee and Hendersonville, Sumner County, Tennessee (the
"Properties").

During the third quarter of 2000, the Registrant sold approximately
3.5 acres from the Nashville Property.  The sale proceeds were
distributed to the limited partners in October 2000.

During the second quarter of 2000, the Registrant sold one lot from
the Hendersonville Property.  This sale generated a loss due to
additional site work necessary to prepare the site for the seller.
The Registrant has 5 lots remaining in the Hendersonville Property.

Overall expenses of the Property have not flucuated significantly
from the prior quarters.  General and administrative expenses in
2000 include estimated Tennessee franchise and excise tax of
$2,724.  Due to new legislation in Tennessee, partnerships were
required to pay franchise and excise tax beginning January 1, 2000.


FINANCIAL CONDITION

LIQUIDITY

At October 31, 2000, the Registrant had approximately $ 118,093 in
cash reserves.  The Registrant also has $112,645 in escrowed funds
reserved for development.  These funds are expected to be
sufficient to fund operations through 2000.  During the third
quarter, the Registrant received approximately $60,000 in funds
previously used to bond development work done on the Hendersonville
Property.

In June 1998, the Financial Accounting Standards Board issued SFAS
No. 133, "Accounting for Derivative Instruments and Hedging
Activities." SFAS No. 133 established reporting standards for
derivative instruments, including certain derivative instruments
embedded in other contracts.  Under SFAS No. 133, the Company would
recognize all derivatives as either assets or liabilities, measured
at fair value, in the statement of financial position.  In July
1999, SFAS No. 137 "Accounting for Derivative Instruments and
Hedging Activities - Deferral of Effective Date of FASB No. 133, An
Amendment of FASB Statement No. 133" was issued deferring the
effective date of SFAS No. 133 to fiscal years beginning after June
15, 2000.  In June 2000, SFAS No. 138 "Accounting for Certain
Derivative Instruments and Certain Hedging Activities, an Amendment
of FASB No. 133" was issued clarifying the accounting for
derivatives under the new standard.  The General Partner believes
these pronouncements will have no impact on its consolidated
financial statements.


In December 1999, the Securities and Exchange Commission issued
Staff Accounting Bulletin No. 101 "Revenue Recognition in Financial
Statements" ("SAB 101").  SAB 101 establishes specific criterion
for revenue recognition.  In June 2000, the Securities and Exchange
Commission issued ("SAB 101B"), which amends SAB 101 no later than
the fourth quarter of its fiscal year ending December 31, 2000.
The General Partner believes that this SAB will have no impact on
the Company's revenue recognition and presentation policies.








 
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                        PART II. OTHER INFORMATION



 Item 6. EXHIBITS AND REPORTS ON FORM 8-K


   (a)  Exhibits
        Exhibit 27 - Financial Data Schedule

   (b)  No 8-K's have been filed during this quarter.





  
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                                   SIGNATURES



 Pursuant  to  the  requirements of the Securities Exchange Act of
 1934,  the Registrant has duly caused this report to be signed on
 its behalf by the undersigned, thereunto duly authorized.


                             HICKORY LENDERS, LTD.

                             By:  222 HICKORY, LTD.
                                  General Partner


                                  By:  222 PARTNERS, INC.
                                       General Partner



 Date: November 14, 2000          By:/s/ Steven D. Ezell
                                       President



 Date: November 14, 2000          By:/s/ Michael A. Hartley
                                       Secretary/Treasurer