A promissory note formalizes a loan agreement. In the mortgage world, it explains the terms of your mortgage loan, including how much you're borrowing and the interest rate, term length ...

That's in essence what you're doing with the Master Promissory Note." Key things the MPN covers "The MPN will list a wide variety of details, everything from how your loan's interest will accrue ...

A promissory note is your "I owe you" contract-think of it as your handshake with the lender, locking in your commitment to pay back the principal, plus interest, on a set schedule. The MPN?

interest rate, repayment schedule, and maturity date. The promissory note also states that your property is collateral for the loan until the full debt is paid off, and it lays out any penalties ...