Balloon Note Example In Chicago
Category:
State:
Multi-State
City:
Chicago
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
Edit, sign, and share balloon note form online. No need to install software, just go to DocHub, and sign up instantly and for free.All prepayments shall first be applied to outstanding late fees, then to accrued interest and thereafter to the principal loan amount. What is a Balloon Payment? A balloon payment refers to a significant sum of payment due at the maturity of the balloon loan like a mortgage or commercial loan. Exhibit 10.1 First Union Real Estate Balloon Promissory Note This item begins on the following page.