Mortgage modification executed on May 2, 2015

This is great news for the DGT Alumni Association! A favorable loan agreement was executed on May 2, 2015 resolving a pesky problem that came about in early 2011 when Roundpoint, the mortgage service company at the time, erroneously declared that our alumni association was in default of the mortgage loan agreement. Roundpoint began returning payments at the time. A new lender purchased the loan from Roundpoint in March, 2015 and a new mortgage service company moved quickly to resolve the matter. DGT Alumni Association’s monthly mortgage payments are roughly the same, under $1,700, and about $1,100 lower than what DGT Alumni Association’s budgeted per month. The new fixed interest rate is 5.5%, which is good for a commercial loan involving an SRO, and much lower than the nearly 12% that was in place under the original loan.