Interest Only Promissory Note With Balloon Payment In Virginia
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State:
Multi-State
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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Here's the information you'll need to have handy to complete your unsecured promissory note, interest-only with balloon final payment. Here's the information you'll need to have handy to complete your secured promissory note, interest-only with balloon final payment.Interest Only Payments. This means that the borrower will return the money borrowed in a full, single payment. A balloon note is a type of loan where the borrower is required to make regular payments, called interestonly payments, for a specified period. If interest is charged, the rate should be included with a repayment schedule.