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Basic Terms

The fund will make loans, on a first-come-first-served basis, on the following terms:
 
  1. Maximum loan = $300,000
  2. 5, 10 or 15 year loan pay-back
  3. Low Interest  (150 basis points over corresponding T-Bill, use 20 year T-Bill for 15 year pay-back) - call UMFREA for a rate quote
  4. Loan to Value of 90%
  5. Second lien position acceptable
  6. Borrower establishes priorities for work to be done
  7. Low closing costs
  8. Chapters are encouraged (but not required) to use the loan to leverage additional fundraising
  9. Borrowers are owners of properties occupied by a fraternity or sorority recognized by the University of Minnesota Office of Fraternity & Sorority Life

Borrowers must demonstrate an ability to repay the loan.  UMFREA reserves the right to approve or reject all loans.

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