Item 1.01. Entry into a Material Definitive Agreement

On January 20, 2021, American Church Mortgage Company (the "Company") entered into a Second Amended Loan Agreement (the "Second Amended Loan Agreement") with Alerus Financial, N.A., as lender (the "Lender") regarding the $4 million revolving loan made to the Company on April 9, 2018. The Second Amended Loan Agreement extends the term of the original loan agreement to January 19, 2022 and adjusts the amount of the loan to $3 million, interest rate and floor rate. The revolving loan is payable on January 19, 2022 and monthly payments of accrued interest are due commencing February 1, 2021. Interest on the revolving loan is based on the prevailing Wall Street Journal U.S. Prime Rate (the "Index") for deposits in U.S. dollars having a maturity equal to one month (the "Index") and the interest rate will not change more often than each month. Interest on the unpaid principal balance of this Note will be calculated using a rate of 1.00 percentage points over the Index, rounded to the nearest 0.001 percent, adjusted if necessary for any minimum and maximum rate limitations. The initial rate is 4.75%. The interest rate on the loan will not be less than 4.75% per annum or more than the applicable rate allowed by applicable law. The revolving loan is secured by a first priority security interest in substantially all of the Company's assets other than collateral pledged to secure the Company's secured investor certificates, both those currently issued and any potentially issued in the future.

The discussion herein regarding the Amended Loan Agreement is qualified in its entirety by reference to the Second Amendment to the Loan Agreement and the Promissory Note attached hereto as Exhibits 10.1 and 10.2, respectively.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

To the extent applicable, the information included under Item 1.01 above is incorporated into this Item 2.03 by reference.

Item 9.01 Financial Statements and Exhibits.



(d) Exhibits

Exhibit
Number        Description
10.1          Second Amendment to Loan by and between American Church Mortgage
              Company and Alerus Financial, N.A., dated January 20, 2021
10.2          Promissory Note between American Church Mortgage Company and Alerus
              Financial, N.A., dated January 20, 2021

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