Exhibit 10.3
[Key Bank Logo]
Key Bank Real Estate Capital 1200 Abernathy Road, NE
Suite 1550 Atlanta, GA 30328
April 30, 2008
American Church Mortgage Company
c/o Church Loan Advisors, Inc.
10237 Yellow Circle Drive
Minnetonka, MN 55343
To Whom It May Concern:
This letter serves to amend Section 9.5 of the Revolving Credit Agreement 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 from March 30, 2008 through December 30,
2008. Please note that the testing of this financial covenant on December 31, 2008 shall be completed at the
original twenty percent (20.0%) level.
Sincerely,
3816799v1
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.
/s/ Tayven Hike
KeyBank National Association, Agent