SATURNA ISLAND FIRE PROTECTION SOCIETY
EMERGENCY SERVICES BUILDINGS
LONG-TERM FINANCING
Approved by SIFP Membership $500,000
Actual Mortgage with TD – 5 year term
10 year amortization
Fixed Rate @ 5.219% $250,000
(allows annual 10% pre-payment without penalty)
Variable Rate @ ¾% over prime (currently 3% + ¾%) $ 50,000
(allows full pre-payment at any time without penalty)
Total $300,000
Estimate Variable Rate portion to be repaid in 1-2 years – with full mortgage payback within 7-8 years or so.
We are on schedule to complete payback in February 2016.
Note: Although authorized to mortgage up to $500,000, the SIFPS Board originally estimated that the project could be completed with a mortgage of approximately $440,000. A combination of the actual incurred costs being approximately $15,000 under budget, substantial unplanned donations in excess of $75,000, and selling the existing Fire Hall for over $50,000 more than the appraised value, resulted in the mortgage being $140,000 less than originally estimated.