Free Secured Promissory Note
The Secured Promissory Note is a document used to loan or borrow money. Under the Secured Promissory Note, the money can be "secured" with personal property, using a Security Agreement, or real estate, using a Deed of Trust. By securing a promissory note with personal property or real estate (both "collateral"), the borrower of the loan promises to give up ownership or title of the property to the lender in the event that the borrower fails to pay back the loan. The Security Agreement or Deed of Trust allows the lender to use or sell the collateral to recover the money loaned to the borrower.
Use the Secured Promissory Note document if:
- To make a loan to someone.
- To borrow money from a private party.
- To prepare an amortization table, if the loan will include interest.
- To determine the amount of a monthly payment on a loan.
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