Balloon Note Example In Hennepin
Category:
State:
Multi-State
County:
Hennepin
Control #:
US-00425BG
Format:
Word;
Rich Text
Instant download
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.
Free preview
Form popularity
More info
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.