The SAM loan is a no-interest mortgage loan equal to 25% of the purchase price or the appraised value of a house or condominium, whichever is less, with the College retaining a 25% interest in any appreciation. When the property is sold, the College will be entitled to its original principal plus 25% of any capital gain. This option is only available to faculty for the purchase of a primary residence within South Hadley. For property financed by a SAM loan, major capital improvements of a nature which change the market value of the property (or unit, in the case of a condominium) require the agreement of the College. Any change in the shared appreciation percentage will be based on the difference between the appraised value of the property or unit before and after the improvement. The appraisals will be performed by a certified appraiser mutually agreeable to the College and the borrower at the borrower’s expense.