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Closing on refinancing

Closing on refinancing

"Turk Evi" Mortgage Has Been Refinanced

The mortgage loan on "Turk Evi" has been refinanced. Florida Turkish Center Foundation (FTCF) has been soliciting for new investors to reduce the interest rate on "Turk Evi" mortgage loan for some time. FTCF's calls have been answered. Five individuals came forward and offered to refinance the mortgage loan and reduce the interest rate from 7% to 4%. FTCF Board of Trustees, during a board meeting held on January 30 2009, approved the proposal. The decision was unanimous. The closing on the refinancing took place on January 31, 2009. New funds have been received and the old loan has been paid off. The new term of the loan will start on February 1, 2009.

During the process of refinancing the "Turk Evi" mortgage loan, FTCF also paid down the loan amount. The loan amount has been reduced from $285,000 to $250,000. After refinancing of the loan, the monthly mortgage payments on the loan was cut down in half (it was reduced from $1,662.50/month to $833.33/month).

In behalf of South Florida Turkish American community, we thank these five patriots for providing the new financing with a lower interest rate.

FTCF is still looking for new investors who are willing to help in lowering down the interest rate on the mortgage loan even further or eliminate the interest on the loan all together. Please contact FTCF if you can help in reducing the mortgage cost on "Turk Evi".

Photo: FTCF president Mr. Erkan Nur (sitting on left) and trustee Dr. Celal Colak (sitting on right) are signing the refinancing documents on behalf of FTCF. The investors (standing from left to right) are Dr. Sezai Olgac, Dr. Ali Manizade, Mr. Atilla Orkan, Dr. Vural Uluer and Dr. Ziya Celik.