6400 Saunders Conversion - Mortgage Applications

6400 Saunders Co-op to Condo Conversion

Mortgage Applications

6400 Saunders Shareholders:

As you have been informed by your Board of Directors, the final vote on the resolution to convert to a condominium ownership will be held on October 16, 2017. Based on proxy ballots collected since August 29, 2017, particular from the Sponsor, the conversion is very likely to proceed. For your information, we, at the Hutton Group, agreed to reduce the conversion fee to $5,000.00 per unit provided that the Sponsor agree to proceed immediately with the conversion. Hutton will continue to make every effort to try to complete the conversion before the underlying mortgage must be paid off in December 2017.

Contact the Primary Lender, Franklin First Financial (“FFF”) for Your Loan. If you want or need financing for your conversion obligation, you need to contact First Franklin Trust and begin your application process. If you have a loan, this is very crucial as your current lender may want you to refinance your loan and frankly it may cost you less to secure a new loan to “wrap” your current loan and your conversion obligations. Whether or not you have a loan, there is obligation or cost to meet with Franklin First representative. If you intend to use the Group Loan to fund your conversion obligations, you can still contact or meet with representatives of Franklin First to explore your options.

We have made special arrangements to make it very easy for you to begin the application process. You should visit the special website dedicated to all 6400 Saunders shareholders at Franklin First Financial. We have attached the list of documents that you will need to make an application is directly from their website. If you have any questions on the application process Janet Orozco Feller, Director, Project Development Division, Office: 631-393-7536.

We have also arranged for a loan officer to come to the building to help you apply and answer your questions. You can also can make an appointment to meet with their loan officer on site in the meeting room either this coming Thursday, October 12th from 4:00-9:00 PM or the following Tuesday, October 17th from 4:00-9:00 PM.

To schedule the appointment, follow the prompts below.