Exhibit 10.2
                                     FORM OF
                                 REVOLVING NOTE


                                                              _________ __, 2008
$8,000,000.00


     American Church Mortgage Company, a Minnesota corporation (the "Borrower"),
for value  received,  hereby  promises  to pay to the order of  Beacon  Bank,  a
Minnesota banking  corporation  ("Lender"),  at the Lender's  principal place of
business at 19765 Highway Seven,  Shorewood, MN 55331, or at such other place as
may be designated by the holder hereof,  in lawful money of the United States of
America,  the principal sum of Eight Million  Dollars  ($8,000,000.00),  or such
lesser  amount as may be advanced  from time to time,  together with interest at
the  Wall  Street  Journal  Prime  Rate  (the  "Prime  Rate")  as  such  rate is
established from time to time. The Prime Rate is currently 5%. The interest rate
is subject to a floor of 5%. If the Prime Rate is greater  than 6%, the interest
rate hereon shall be reduced by 50 basis points, subject to a floor of 6% (e.g.,
if the Prime Rate is 6.25%,  the  interest  rate hereon shall be equal to 6%; if
the Prime Rate is 7%, then the  interest  rate  hereon  shall be equal to 6.5%).
Interest  shall  be due and  payable  monthly  on the  first  day of each  month
commencing on October 1, 2008.  All payments shall be applied first to interest,
then to reduction of  principal.  Interest  shall be  calculated on the basis of
actual  days  elapsed in a 360 day year.  The entire  unpaid  principal  and all
accrued and unpaid  interest  shall be due and payable in full on September  12,
2010, or such earlier date as is defined in a Loan and Security Agreement ("Loan
Agreement")  entered  into by and  between  Borrower  and  Lender  of even  date
herewith. This is a balloon payment.

     Pursuant to the terms of the Loan  Agreement,  principal  may be  advanced,
repaid and readvanced.  The Loan Agreement contains limitations and restrictions
on advances and other terms and conditions.

     Borrower  shall pay to Lender a late  charge  of five  percent  (5%) of any
monthly  installment  not received by the Lender  within ten (10) days after the
installment  is due, but such late charge  shall not apply to the final  balloon
payment due hereon  provided the final  balloon  payment is paid within  fifteen
(15) days of the date on which it is due.

     The  holder of this Note may,  at its  option,  without  notice  (provided,
however,  that only after regular  monthly  payments have commenced on the Note,
Lender  will give  Borrower,  at  Borrower's  last known  address  ten (10) days
written  notice  [calculated  from the date of mailing]  prior to  acceleration)
declare this Note  immediately  due and payable for the entire unpaid  principal
hereof plus accrued  interest hereon upon or at any time after the occurrence of
any of the following  events:  (i) any default in the payment of this Note; (ii)
any default under the terms or conditions of any security herewith or heretofore
or  hereafter  given to or acquired and held by the holder of this Note to which
any maker, co-maker,  endorser,  surety or guarantor hereof is a party; (iii) or
if the holder hereof, after giving due consideration to commercially  reasonable
standards,  deems itself  insecure.  The Lender shall have no obligation to make




further  advances under any loan  commitment  regardless of the amount loaned at
any time Lender considers the loan insecure for any reason.

     Each maker,  co-maker,  endorser,  surety and guarantor  hereto jointly and
severally  agrees to pay this Note and  guarantees  payment  hereof  and  waives
demand,  presentment,  protest  and  notice of  dishonor,  and  consents  to any
extensions and renewals hereof without notice and consents to the release by the
holder of this Note with or without consideration of any of them, and exonerates
the holder of this Note from any duty or obligation to make demand on anyone for
payment or any collateral now or hereafter  securing this Note or to give notice
to anyone of  nonpayment  thereof or to collect or sell the same and consents to
the  extension,  renewal,  exchange,  surrender or release by the holder of this
Note with or without consideration of any such collateral,  and agrees that when
or at any time after this Note  becomes due, the holder of this Note may without
notice,  offset or charge this Note  against any bank  account or other  account
then  maintained  by any of them with the  holder of this Note or then  existing
between any of them and the holder of this Note and to pay any  deficiency,  and
agree  in  case  of any  default  to pay  all  costs  of  collection,  including
reasonable attorney's fees.

     Lender has the right to further  extend this Note.  Any such  extension may
provide for an extended period of time for principal  repayment,  an increase or
decrease in the interest rate,  advancement of additional principal sums, or any
combination  thereof  (together  with the inclusion of fees and costs related to
such  extension)  resulting in principal,  interest and monthly  payment amounts
equal to or exceeding those originally stated.

                                               BORROWER

                                               AMERICAN CHURCH MORTGAGE COMPANY


                                               By:      ______________________
                                                          Phillip J. Myers
                                              Its:        President



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