Balloon Note Example In Hennepin - Promissory Note - Balloon Note
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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.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés.
For your convenience, the complete English version of this form is attached below the Spanish version.
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The land referred to is situated in the State of Minnesota, County of Hennepin, and is described as follows: Address: xxxxx, Minnesota 55xxx. The bank can issue a new note every 3 years or simply write one note with 36 payments and then renew (not refinance) the note every 3 years.This document is used to loan or borrow money. It states the terms, rights and obligations that apply to a loan.