A note payable is essentially a promise to repay made from a borrower to a lender. The borrower makes the promise in return for money, goods, or services. Individuals and businesses use notes payable often to raise capital for an investment. Notes payable are also always used in connection with mortgage agreements and deeds of trust to specify the important terms of the deal.
When finished, the note will clearly list the essential terms of the transaction, including the loan amount, interest rate, due date, and payment structure. With LegalNature’s note payable you can indicate whether payments are due monthly, in one lump sum, or on demand by the lender. You also have the option to give information on any collateral required by the lender.
LegalNature will help you quickly draft a strong note payable that will provide you with a thorough legal agreement you can rely on.