I called today to get rough numbers for a 4S property.
4S is in the process of adding more debt to the bonds, so you can’t do a payoff (they won’t have exact numbers) until middle of this year.
The estimate was $60-70K payoff for something that is currently at ~$5,600/year.
Worth considering.[/quote]
That would make the current rate around 7.5%. Not quite as high as the 9.3% from paranoid’s MR. Prob a different tract with a different CFD?[/quote]
I was under the impression everyone in 4S had the main CFD#6, and then possibly additional depending on tract/year/etc. In my case I also have the CFD#6 IAC.
Every bond that I’ve read has a 25 year term, starting at the last issue date. 4S probably has another 2-3 or so years before completion. So we’re looking at ~28-30 years of MR.
It sounded like he was giving me a pretty rough estimate, but he did seem pretty clear that nobody in 4S could pay it off right now as debt was being added. I assume they are in the process of taking advantage of the 2% annual increase headroom.
If $60K removes $5,700/yr (+2% Annual Increases)in expenses it certainly peaks the interest. Sure beats a 1% market account. 🙂
