Note With Balloon Payment In Salt Lake
Category:
State:
Multi-State
County:
Salt Lake
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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Borrower promises to make a single, final payment for the entire balance owed to the Payee on or before. Promissory Note - use for traditional installment or balloon payment. 1.Late Charge: Any above noted payment which is at least ___ days past due 2. Balloon payments -- Prohibited. Balloon mortgages are short-term loans that begin with a series of fixed payments and end with a final, lump-sum payment. Our local Salt Lake City loan specialists are here to sit down with you and go over your personal loan options. Businesses that have a loan with the city can only apply for additional loan if the combined total of loans does not exceed the maximum loan amount.