Interest Only Promissory Note With Balloon Payment In Massachusetts
Category:
State:
Multi-State
Control #:
US-00425BG
Format:
Word;
Rich Text
Instant download
Description
The Interest Only Promissory Note with Balloon Payment in Massachusetts is a legally binding document wherein the borrower agrees to repay a specific sum to the lender, with interest, on predetermined dates. This note includes provisions for interest payments made only during the term of the loan, with a large final payment, or 'balloon payment,' due at maturity. Such a structure is often designed to provide lower initial payments, making it attractive for borrowers seeking short-term financing solutions. Key filling instructions involve specifying loan amounts, interest rates, installment terms, and addresses for both parties. Additionally, users should be aware of the option for prepayments, including applicable penalties that decrease over time. This form is particularly useful for individuals or entities involved in real estate transactions, allowing them to secure loans while managing cash flow effectively. For attorneys, partners, and legal assistants working in transactional law, this form aids in drafting and facilitating loan agreements, ensuring compliance with state laws and protecting clients' interests.
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