Housing Loans
Unicorn Fund - Housing Loans
Purpose of Fund
The Foundation has established a separate
fund, named the Unicorn Fund, to support chapter housing. This support is
provided by making loan funds available to qualified chapters through the chapter’s
alumni house holding corporation/alumni association. Funds can be used to
purchase land, support new construction, remodel, purchase furniture and/or
equipment.
Investment income earned by the fund
will be used on an annual basis to support charitable and education activities
in accordance with IRS guidelines.
The Foundation works to build the endowment
for future years by seeking gifts from alumni, alumni organizations, and friends
of the Foundation who are interested in helping to provide a college home environment
for Theta Xi Brothers.
Loan Policy
Housing loans will be made, insofar as funds are available, to incorporated property-holding
corporations that serve to provide housing and a positive study environment for
Theta Xi members. These loans will be granted based upon the submission of a loan
application which enables the Unicorn Fund Loan Committee to determine the financial
ability of the proposed loan group to repay the loan in a reasonable period of
time and
provide fair security to the Foundation.
Loans will be secured by real property
in the form of a mortgage and promissory note. In instances where the college
or university owns the land upon which the chapter house is located or is to
be built, these arrangements are negotiable to fit the local situation.
The loan maximum is normally $35,000,
but is subject to special consideration.
The preferred loan term will be ten
(10) years, not to exceed twenty (20) years. The initial loan rates will be
established as follows:
For loans secured by a first mortgage,
1% over St. Louis prime rate.
For loans secured by a second mortgage,
2% over St. Louis prime rate.
For more information or to request
a Unicorn Fund Loan Application Form, contact the Foundation office at:
Theta Xi Foundation
P.O. Box 411393
St. Louis, Missouri 63141
Telephone: 1-800-783-6294
txfn@thetaxi.org
