Interest Only Promissory Note With Balloon Payment In California
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State:
Multi-State
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.Written notice to the Trustor, or his successor in interest, of prescribed information at least 90 and not more than 150 days before any balloon payment is due. This document is a secured promissory note between a borrower and payee.