Instalment Promissory Note with Final Balloon Payment (England and Wales)

A Promissory Note creates an obligation or contract for a borrower to repay a loan to a lender within a specified time and at a specific rate of interest. This Instalment Promissory Note with Final Balloon Payment requires equal monthly payments (including principal and interest) with a final balloon payment (a final payment which will include all remaining principal and interest). Having a written Instalment Promissory Note with Balloon Payment will prove invaluable if the borrower defaults or in the event of litigation. (continued ...)