Interest Only Promissory Note With Balloon Payment In Phoenix
Category:
State:
Multi-State
City:
Phoenix
Control #:
US-00425BG
Format:
Word;
Rich Text
Instant download
Description
The Interest Only Promissory Note with Balloon Payment in Phoenix is a financial instrument where the borrower agrees to pay only the interest on the loan for a specified period, followed by a large final balloon payment of the principal. This note includes important details such as the total loan amount, interest rate, payment schedule, and specifics on default conditions. The document requires the lender's name and address, the borrower's details, the total principal, and the interest amount. It allows for prepayment with specific penalties if done within the first year. Attorneys, partners, and legal assistants find this form useful for structuring loans that require flexibility in payment, particularly in real estate transactions. Paralegals can assist in drafting and reviewing the form to ensure compliance with relevant laws. Moreover, it serves owners seeking funding options with manageable cash flow until the balloon payment is due. Overall, this promissory note facilitates the borrowing process while outlining the responsibilities and rights of both parties.
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