Promissory Note With Balloon Payment With Interest In Franklin
Category:
State:
Multi-State
County:
Franklin
Control #:
US-00425BG
Format:
Word;
Rich Text
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Description
A Balloon Note is a Promissory Note that has one large payment (the balloon payment) that is due upon maturity. A balloon note will often have the advantage of a very low interest rate, thus requiring little capital outlay during the life of the loan. The major problem with such a loan is that the borrower needs to be self-disciplined in preparing for the large balloon payment due when the loan matures. Of course refinancing the note upon maturity is always a possibility.
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Here's the information you'll need to have handy to complete your unsecured promissory note, interest-only with balloon final payment. Here's the information you'll need to have handy to complete your secured promissory note, interest-only with balloon final payment.A Promissory Note with Balloon Payments is a loan contract that enables a lender set loan terms with one or more larger payments at the end. A monthly interest rate can be included on the promissory note. The payment will be applied on the interest due first and the principal after. All payments shall first be applied to outstanding late fees, then to interest and the balance to the Principal amount. (c) Borrower shall pay the full amount of all outstanding principal and interest in one balloon payment on October 12, 2026 (the "Maturity Date"). The loan is now spread out over 34 yrs.