Apalachicola Bay - St. George Island Topics: AL Power new leases
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Name:
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lucky67
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Subject:
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AL Power new leases
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Date:
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6/13/2009 7:08:30 PM
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sorry--you are wrong--you cannot get 15/20/30 year fixed rates AS LONG AS THE 5 YEAR RENEWABLE OPTION IS THERE; BOND MARKET WILL NOT BUY IT--IF A LENDER TELLS YOU OTHERWISE, YOU ARE IN FOR A SUPRISE; AP MUST TAKE OUT THE REMEWABLE OPTION--THEN THE RULE IS : YOU CAN GET FIXED RATE FINANCING, AS LONG AS THE REMAINING LEASE TERM IS AT LEAST 5+ YEARS LONGER THAN THE MORTGAGE, ON THE DAY OF CLOSING; SO, IF THE RENEWABLE OPTION WERE TO BE TAKEN OUT, [WHICH AP WILL NOT], IF YOU HAD 26 YEARS REMAINING, ONE COULD GET MAX 20 YEAR FIXED; I KNOW--I DO AP FINANCING & HAVE FOR 20 YEARS; WHAT I THINK AP IS TRYING TO SAY IN THE NEW CORRESPONDENCE, IS IF YOU HAVE SHORT LEASES & WANT TO SELL, THEY WILL CONSIDER EXTENDING THE LEASE, BUT MY UNDERSTANDING IS THEY ARE RETAINING THE 5 YEAR RENEWABLE CLAUSE--SAD, BECAUSE IT HURTS SELLERS & BUYERS--REMEMBER, THOSE WHO HAVE THE GOLD [AP], MAKE THE RULES !!!
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