This is an example of a payoff letter used in a syndicated loan transaction. This payoff letter (including the defined terms such as Lenders,.Arrange for payoff of loans. The seller should advise its bank of the projected closing date and request a pay-off letter. A payoff agreement is an informal contract in which a creditor agrees to accept the balance of a debt owed as full payment. Create a Loan Payoff Letter online and download it as a PDF or Word document. Customize and print a blank Loan Payoff Letter for free. Fill out the form below to request a loan payoff letter. If you have any questions, please contact Loan Customer Service at 1-800-677-6272 option 5, option 2. , Robert Aspenleitder, for Commercial - Contract in the District Court of Suffolk County.