-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Fznx//uBx7PbhOMkV/ZKLTtnhV2GI7Y2MpWGCG8rCOoEQXvxZnxSzrdxzuNZgAcW
 Uf84+53DTjqOWpo+m2Cy9w==

<SEC-DOCUMENT>0001455473-09-000004.txt : 20090709
<SEC-HEADER>0001455473-09-000004.hdr.sgml : 20090709
<ACCEPTANCE-DATETIME>20090709154127
ACCESSION NUMBER:		0001455473-09-000004
CONFORMED SUBMISSION TYPE:	D/A
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
ITEM INFORMATION:		Investment Company Act Section 3(c)
ITEM INFORMATION:		Section 3(c)(5)
FILED AS OF DATE:		20090709
DATE AS OF CHANGE:		20090709
EFFECTIVENESS DATE:		20090709

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			CM Notes Program I, LLC
		CENTRAL INDEX KEY:			0001455473
		IRS NUMBER:				263823306
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1209

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-126651
		FILM NUMBER:		09937111

	BUSINESS ADDRESS:	
		STREET 1:		1291 WEST GALLERIA DRIVE, SUITE 220
		CITY:			HENDERSON
		STATE:			NV
		ZIP:			89014
		BUSINESS PHONE:		702-795-7930

	MAIL ADDRESS:	
		STREET 1:		1291 WEST GALLERIA DRIVE, SUITE 220
		CITY:			HENDERSON
		STATE:			NV
		ZIP:			89014
</SEC-HEADER>
<DOCUMENT>
<TYPE>D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0401</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001455473</cik>
        <entityName>CM Notes Program I, LLC</entityName>
        <issuerAddress>
            <street1>1291 WEST GALLERIA DRIVE, SUITE 220</street1>
            <street2></street2>
            <city>HENDERSON</city>
            <stateOrCountry>NV</stateOrCountry>
            <zipCode>89014</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>702-795-7930</issuerPhoneNumber>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <entityType>Limited Liability Company</entityType>
        <yearOfInc>
            <withinFiveYears>true</withinFiveYears>
            <value>2008</value>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Todd</firstName>
                <middleName>B.</middleName>
                <lastName>Parriott</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1291 West Galleria Drive, Suite 220</street1>
                <street2></street2>
                <city>Henderson</city>
                <stateOrCountry>NV</stateOrCountry>
                <zipCode>89014</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Executive Officer of CM Notes Manager, LLC, the Manger</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Rocky</firstName>
                <middleName>R.</middleName>
                <lastName>Derrick</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1291 West Galleria Drive, Suite 220</street1>
                <street2></street2>
                <city>Henderson</city>
                <stateOrCountry>NV</stateOrCountry>
                <zipCode>89014</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Executive Officer of CM Notes Manager, LLC, the Manager</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Kevin</firstName>
                <middleName>E.</middleName>
                <lastName>Greene</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1291 West Galleria Drive, Suite 220</street1>
                <street2></street2>
                <city>Henderson</city>
                <stateOrCountry>NV</stateOrCountry>
                <zipCode>89014</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Executive Officer of CM Notes Manager, LLC, the Manger</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Stacy</firstName>
                <middleName>M.</middleName>
                <lastName>Riffe</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1291 West Galleria Drive, Suite 220</street1>
                <street2></street2>
                <city>Henderson</city>
                <stateOrCountry>NV</stateOrCountry>
                <zipCode>89014</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Executive Officer of CM Notes Manager, LLC, the Manager</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Jeffrey</firstName>
                <middleName>D.</middleName>
                <lastName>Barton</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1291 West Galleria Drive, Suite 220</street1>
                <street2></street2>
                <city>Henderson</city>
                <stateOrCountry>NV</stateOrCountry>
                <zipCode>89014</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Executive Officer of CM Notes Manager, LLC, the Manager</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Erin</firstName>
                <middleName>C.</middleName>
                <lastName>Ackerman</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>1291 West Galleria Drive, Suite 220</street1>
                <street2></street2>
                <city>Henderson</city>
                <stateOrCountry>NV</stateOrCountry>
                <zipCode>89014</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Executive Officer of CM Notes Manager, LLC, the Manager</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>REITS and Finance</industryGroupType>
        </industryGroup>
        <issuerSize>
            <revenueRange>Decline to Disclose</revenueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
            <item>3C</item>
            <item>3C.5</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>0001455473-09-000003</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2009-01-30</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>false</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isDebtType>true</isDebtType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>50000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>Charles E. Delao</recipientName>
                <recipientCRDNumber>1368310</recipientCRDNumber>
                <associatedBDName>Harrison Douglas, Inc.</associatedBDName>
                <associatedBDCRDNumber>16515</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>4420 Hotel Circle Court, Suite 350</street1>
                    <street2></street2>
                    <city>San Diego</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <zipCode>92108</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <state>CO</state>
                    <state>OH</state>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>Robert K. Gump</recipientName>
                <recipientCRDNumber>231970</recipientCRDNumber>
                <associatedBDName>Harrison Douglas, Inc.</associatedBDName>
                <associatedBDCRDNumber>16515</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>5320 Carpinteria Ave., G</street1>
                    <street2></street2>
                    <city>Carpinteria</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <zipCode>93103</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>Rex Bland</recipientName>
                <recipientCRDNumber>2442941</recipientCRDNumber>
                <associatedBDName>CapWest Securities, Inc.</associatedBDName>
                <associatedBDCRDNumber>30002</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>1625 West Garriott, Suite G</street1>
                    <street2></street2>
                    <city>Enid</city>
                    <stateOrCountry>OK</stateOrCountry>
                    <zipCode>73703</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>FL</state>
                    <state>KS</state>
                    <state>MO</state>
                    <state>MT</state>
                    <state>NE</state>
                    <state>NM</state>
                    <state>OK</state>
                    <state>TN</state>
                    <state>TX</state>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>Andrew Bolt</recipientName>
                <recipientCRDNumber>1594587</recipientCRDNumber>
                <associatedBDName>Harrison Douglas, Inc.</associatedBDName>
                <associatedBDCRDNumber>16515</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>3025 South Parker Road, 801</street1>
                    <street2></street2>
                    <city>Aurora</city>
                    <stateOrCountry>CO</stateOrCountry>
                    <zipCode>80014</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>OH</state>
                    <state>TN</state>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>George K. Jeffers</recipientName>
                <recipientCRDNumber>1458438</recipientCRDNumber>
                <associatedBDName>Harrison Douglas, Inc.</associatedBDName>
                <associatedBDCRDNumber>16515</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>20325 Center Ridge Road, #614</street1>
                    <street2></street2>
                    <city>Rocky River</city>
                    <stateOrCountry>OH</stateOrCountry>
                    <zipCode>44116</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <state>FL</state>
                    <state>OH</state>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>Lawrence W. Lambert Sr.</recipientName>
                <recipientCRDNumber>301059</recipientCRDNumber>
                <associatedBDName>CapWest Securities, Inc.</associatedBDName>
                <associatedBDCRDNumber>30002</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>633 Berkmar Circle, Suite One</street1>
                    <street2></street2>
                    <city>Charlottesville</city>
                    <stateOrCountry>VA</stateOrCountry>
                    <zipCode>22901</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>AL</state>
                    <state>AK</state>
                    <state>AZ</state>
                    <state>CA</state>
                    <state>CO</state>
                    <state>CT</state>
                    <state>DC</state>
                    <state>FL</state>
                    <state>GA</state>
                    <state>HI</state>
                    <state>ID</state>
                    <state>IL</state>
                    <state>IN</state>
                    <state>IA</state>
                    <state>LA</state>
                    <state>MD</state>
                    <state>MA</state>
                    <state>MI</state>
                    <state>MN</state>
                    <state>MS</state>
                    <state>NV</state>
                    <state>NH</state>
                    <state>NJ</state>
                    <state>NM</state>
                    <state>NY</state>
                    <state>NC</state>
                    <state>OH</state>
                    <state>OK</state>
                    <state>OR</state>
                    <state>PA</state>
                    <state>SC</state>
                    <state>TX</state>
                    <state>UT</state>
                    <state>VT</state>
                    <state>VA</state>
                    <state>WA</state>
                    <state>WI</state>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>James M. Lamont</recipientName>
                <recipientCRDNumber>2846228</recipientCRDNumber>
                <associatedBDName>Independent Financial Group, LLC</associatedBDName>
                <associatedBDCRDNumber>7717</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>1400 Grant Avenue, 101</street1>
                    <street2></street2>
                    <city>Novato</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <zipCode>94948</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>AZ</state>
                    <state>CA</state>
                    <state>FL</state>
                    <state>IA</state>
                    <state>NV</state>
                    <state>NC</state>
                    <state>SC</state>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>Stephen J. Hoshimi</recipientName>
                <recipientCRDNumber>1977772</recipientCRDNumber>
                <associatedBDName>CapWest Securities, Inc.</associatedBDName>
                <associatedBDCRDNumber>30002</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>11601Wilshire Boulevard</street1>
                    <street2>Suite 2460</street2>
                    <city>Los Angeles</city>
                    <stateOrCountry>CA</stateOrCountry>
                    <zipCode>90025</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>CA</state>
                    <state>MO</state>
                    <state>NV</state>
                    <state>TX</state>
                    <state>UT</state>
                </statesOfSolicitationList>
            </recipient>
            <recipient>
                <recipientName>Jeffrey C. Young</recipientName>
                <recipientCRDNumber>1111994</recipientCRDNumber>
                <associatedBDName>First Financial Equity Corporation</associatedBDName>
                <associatedBDCRDNumber>16507</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>7373 N. Scottsdale Road, D120</street1>
                    <street2></street2>
                    <city>Scottsdale</city>
                    <stateOrCountry>AZ</stateOrCountry>
                    <zipCode>85253</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <state>AZ</state>
                    <state>CA</state>
                    <state>NV</state>
                    <state>TX</state>
                </statesOfSolicitationList>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>25000000</totalOfferingAmount>
            <totalAmountSold>690000</totalAmountSold>
            <totalRemaining>24310000</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>11</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>875000</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>CM Notes Program I, LLC</issuerName>
                <signatureName>Jeffrey D. Barton</signatureName>
                <nameOfSigner>Jeffrey D. Barton</nameOfSigner>
                <signatureTitle>Corp. Secretary and Treas. of Manager-CM Notes Manager, LLC</signatureTitle>
                <signatureDate>2009-07-09</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----