Balloon Payment Promissory Note Example In Riverside
Category:
State:
Multi-State
County:
Riverside
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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All prepayments shall first be applied to outstanding late fees, then to accrued interest and thereafter to the principal loan amount. Here's the information you'll need to have handy to complete your secured promissory note, installment with balloon final payment.Payment Options for your Promissory Note: Structuring payment can have several options: • Lump Sum. A Promissory Note with Balloon Payments is a loan contract that enables a lender set loan terms with one or more larger payments at the end. The promissory note can be used for installment or balloon payments.