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Making a Promissory Note with Balloon Payments
A Promissory Note with Balloon Payments can help document and clarify the terms of a loan that's designed to have one or more larger payments due at the end of the repayment period. When you're using a different loan structure it's probably a good idea to ensure everyone is clear on the terms. You don't want to be surprised as the borrower by a substantially larger loan payment, nor do you want to be shorted as the lender. Make sure that everyone knows the details with a Promissory Note with Balloon Payments.
Use the Promissory Note with Balloon Payments document if:
Having a Promissory Note with Balloon Payments helps keep everyone on track. For lenders, a larger payment is a great way to complete a loan. As the borrower you may be able to secure lower interests rates for the duration of the loan. A loan with balloon payments can appear really tempting up front, but are you sure you can afford those larger payments when the time comes? Having everything in writing helps you plan your payments: you can see the payment dates, interest rates if applicable, and just how much you'll owe to complete repayments. A Promissory Note with Balloon Payments can help keep both parties informed and on the same side.
Other names for this document: Note Payable with Balloon Payments, Balloon Promissory Note