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CRA Refinancing Overview: Loan Balance, Interest Rates & Savings Potential

Explore the details of CRA refinancing with BB&T, featuring a current loan balance of $3.36 million at an interest rate of 4.34% and an average annual payment of $365,000, maturing on December 1, 2024. A new loan option presents a reduced interest rate of 2.29%, yielding annual savings of approximately $37,000 and estimated total savings over the loan's life amounting to $442,975. The new loan total is $5.448 million, with a maturity date of October 1, 2024. Learn how CRA refinancing can optimize financial strategies.

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CRA Refinancing Overview: Loan Balance, Interest Rates & Savings Potential

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  1. CRA Refinancing CRA Refinancing

  2. Current CRA LoanBranch Banking and Trust Company (BB&T) • Loan Balance $3,360,000 • Interest Rate 4.34% • Average Annual Payment $365,000 • Maturity Date December 1, 2024 CRA Refinancing

  3. RefinancingBranch Banking and Trust Company (BB&T) • Loan Balance $3,360,000 • Interest Rate 2.29% • Approximate Annual Savings $37,000 • Estimated Savings Over Life of Loan $442,975 • Estimated PV Savings Over Life of Loan $383,144 CRA Refinancing

  4. New LoanBranch Banking and Trust Company (BB&T) • Remaining Loan Balance $3,360,000 • New Monies $2,088,000 • Total Loan Amount $5,448,000 • Interest Rate 2.29% • Maximum Annual Payment $528,000 • Maturity Date October 1, 2024 • FY 2013 Budgeted Tax Revenues $1,335,700 CRA Refinancing

  5. Questions? CRA Refinancing

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