The Borrowing Process
It has been our experience that the following timeline provides the best overall result for you the borrower. The timeline can be extended, if you request, with no adverse effect for your borrowing. In limited circumstances, we may be able to accommodate your request for a more compressed timeline.
1. Document Preparation
Borrower Submits Application, Selects Other Finance Team Members
Financial Advisor and Bond Counsel Review Application and Prepare Documents; Public Hearing Notices Published
Financial Advisor and Bond Counsel Submit Documents to MHEFA
2. Review
MHEFA Board Meeting #1; Public Hearing
Governor Signs Application Resolution
Financial Advisor and Bond Counsel Prepare Financing Documents and Submit to MHEFA
MHEFA Board Meeting #2
3. FUNDING
Financing Offering/Marketing Documentation Published
Bonds or Notes Sold to Investors
Preparation for Closing
Pre-closing, Closing, and Funding
IRS Tax-Exempt Financing Publications
Tax-Exempt Bonds for 501(c)(3) Organizations