Balloon Payment Promissory Note Example In San Diego
Category:
State:
Multi-State
County:
San Diego
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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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. Borrower promises to make a single, final payment for the entire balance owed to the Payee on or before.Promissory notes are written agreements where one party promises to pay another party a specific sum of money at a future date or ondemand.