WAIVER

This Waiver (the “ Waiver ”), is entered into effective as of May 5, 2009, by and among, Ministry Partners Funding, LLC (the “ Borrower ”), Evangelical Christian Credit Union (the “ Servicer ”) and BMO Capital Markets Corp. (the “ Agent ”).  Reference is made to the Loan, Security and Servicing Agreement, dated as of October 30, 2007, as heretofore amended (the “ Loan Agreement ”), among the Borrower, the Servicer, the Agent, Fairway Finance Company, LLC, U.S. Bank National Association, and Lyon Financial Services, Inc. (d/b/a U.S. Bank Portfolio Services).

WHEREAS, subparagraph (p) of the definition of “Event of Default” in Exhibit I to the Loan Agreement provides that it shall be an Event of Default if a Hedge Deficit or Hedge Surplus in excess of 10% shall exist and not be cured within 5 Business Days (the “ Hedging Requirement ”);

WHEREAS, the Borrower has informed the Agent that it will not be able to comply with the Hedging Requirement during the period beginning on April 16, 2009 through and including May 31, 2009 (the “ Hedge Waiver Period ”);

WHEREAS, subparagraph (xxxv) of the definition of “Eligible Mortgage Loan” in Exhibit I to the Loan Agreement requires that no more than 18 months have passed since such Mortgage Loan was initially included within the pool of Eligible Mortgage Loans (the “ Vintage Loan Requirement ”);

WHEREAS, as of May 1, 2009, many of the Mortgage Loans in the Mortgage Loan Pool do not comply with the Vintage Loan Requirement;

WHEREAS, the Borrower has requested that Agent waive the requirement that all Eligible Mortgage Loans comply with the Vintage Loan Requirement during the period beginning on May 1, 2009 through and including May 31, 2009 (the “ Vintage Waiver Period ”);

WHEREAS, Agent has agreed to waive the Hedging Requirement during the Hedge Waiver Period and the Vintage Loan Requirement during the Vintage Waiver Period;

NOW, THEREFORE, in co