In 2011 we moved into our new fraternity house under a lease to purchase agreement located at 606 Saint Francis Street. And since that time significant improvement and upgrades have been made of which we’re all very proud of. In August of 2012 we obtained a mortgage loan to purchase the building on a 20-year term. In 2015 we refinanced the 17-year balance on a shorter 15-year term at a lower interest rate to save money.

The plan is to pay the loan off much earlier to save interest. It is our desire to make a significant additional principle payment each year to accelerate our payments. To honor the 86 years of existence of Beta Omicron Lambda we’re asking every Alpha Brother in South Alabama to make a payment to the chapter of $86.00 in May to be designated for principle payment on our mortgage loan. Each year in May we’ll add one dollar to our commitment until we pay off our house. This payment is not a requirement for active status, it cannot be credited or supplemented as a dues payment, you don’t have to be an active chapter member to contribute; it’s strictly an ask to assist the chapter in accelerating our payments to save money.