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Loan Guidelines
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Normally, loans will only be made for up to 80% of the cost of a
project.
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Normally, loans will only be made for a term of up to 20 years.
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Our standard loan rate is adjusted every 36
months (other rates and adjustment terms are available)
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Our normal minimum loan size is $20,000.00.
We can make loans $5,000 to $20,000 for a slightly higher rate.
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Maximum loan size is dependent on the total of
deposits received. Call us for the current maximum.
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All loans are secured by a mortgage on real
estate owned by the borrower.
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Borrowers must make monthly payments of principal
and interest to amortize the loan over the agreed term.
For more information about
our loan services, contact Tamara Hendricks or Manet Shettle at
317-788-7879, 877-391-8811(toll-free) or fax to, 317-788-0089 or e-mail
info
@ umlsm.org.
More Information.
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