Refinancing an old loan helps Charleston ports agency focus on more immediate needs
The refinancing, this time with Atlanta-based Ameris Bank, saves about $900,000 in annual principal and interest payments and delays the balloon payment into the next decade. The new financing would be for 10 years with a 30-year amortization, which means the SPA would have to make a balloon payment of $16.4 million when the loan matures. The new interest rate is slightly higher â 2.7 percent compared with 2.56 percent on the original note â but it locks in three more years of relatively low interest compared to the SPA's other refinancing options. Bill Stern, the SPA's board cha...
Source: postandcourier.com