By Margaret Fiorentino
We are happy to report that the Governors Village Board of Directors, along with the assistance of our Finance Committee, has been successful in securing the refinancing for our Property Owners Association (POA) loan.
The Board of Directors, which unanimously approved the refinancing of the loan by a vote 9-0 at it’s January 27, 2011 meeting, was able to successfully negotiate much more favorable terms with the North State Bank in Raleigh. The new $290,000 POA loan closed on Friday, March 11, 2011, with a much shorter term of 6.5 years (or 78 months) at a rate of just 5.1%, with a balloon payment not due for five years. In comparison to our old loan, which was at an interest rate of 6.75% and a 10-year amortization schedule, the new loan offers significant savings to the POA with a plan to pay off the debt in the forthcoming years.
We would like to offer a special thank you to Peter Fiorentino (Governors Forest) of our Finance Committee, who spearheaded the effort and performed all the necessary due diligence in negotiating the refinancing for the new loan. We sincerely appreciate Peter’s effort and his many years of Wall Street banking experience in obtaining the best possible deal for our POA.
Debbi Nichols, Governors Village POA President
Rosemary McGee, Governors Village POA Treasurer 2010