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Promissory Note Payoff Letter Sample with Examples [Word]

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A Promissory Note Payoff Letter, also known as a Loan Payoff Letter or Promissory Note Satisfaction Letter, is... Read more

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A Promissory Note Payoff Letter, also known as a Loan Payoff Letter or Promissory Note Satisfaction Letter, is a formal document issued by a lender to a borrower upon the full repayment and satisfaction of a promissory note.  

The promissory note is a legally binding agreement that outlines the terms and conditions of a loan, including the repayment schedule and interest rate. When the borrower pays off the loan in full, the lender provides this letter as proof that the debt has been settled, and the borrower has fulfilled their financial obligation. 

Sample Promissory Note Payoff Letter with Examples [Word Editable] 

Here are the key components typically included in a Promissory Note Payoff Letter: 

  • Header: The letter usually begins with the lender's contact information, including the lender's name, address, and contact details. 
  • Date: The date when the letter is issued. 
  • Borrower Information: Include the borrower's name, address, and any identifying information relevant to the loan, such as the loan account number or promissory note reference. 
  • Loan Details: Specify the details of the loan, including the original loan amount, the interest rate, the loan term, and the date the loan was originated. 
  • Outstanding Balance: Clearly state the remaining outstanding balance on the loan as of the date of the letter. 
  • Confirmation of Full Payment: Clearly state that the borrower has fully paid off the loan, including any accrued interest or fees. 
  • Satisfaction of Promissory Note: Express that the promissory note is considered satisfied and that the borrower is no longer obligated to make any further payments. 
  • Release of Lien or Security Interest: If applicable, confirm the release of any liens or security interests associated with the loan. This is common in secured loans where the lender has a claim on the borrower's assets. 
  • Acknowledgment of Payment: Mention the payment method used to pay off the loan (e.g., check, wire transfer) and the date of the final payment. 
  • Contact Information 
  • Instructions 
  • Closing 
  • Signature 

A Promissory Note Payoff Letter serves as official documentation that the borrower has fulfilled their repayment obligations and is no longer indebted to the lender. It is an important record that both parties should retain for their financial records, as it provides evidence of the loan's satisfaction and closure.  

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Promissory Note Payoff Letter Sample with Examples [Word]

$1.90