Promissory Notes and Real Estate Notes are just another Form of IOU Notes between Two Parties that Agree to terms of Payment
A promissory note is a legally binding contract between two parties. Also referred to as note payable, this contract is used to detail the loan agreement between the individuals involved in the transaction. Typically, the agreement involves a monthly payment over a specific amount of time. Terms usually include the purchase price, interest rate, and maturity date.
Oftentimes, promissory notes are used be used to document the sale of a business, real estate, automobile, or personal property such as computers or jewelry. People who are collecting structured settlement payments have the option of selling it to a note buyer such as Simon Volkov. Doing so allows them to take advantage of the benefits of a lump sum cash payment.
Promissory notes can be sold in their entirety or as a partial sell. For those who require the maximum amount of money, selling the note in its entirety makes the most sense. However, if someone is in need of a small loan, it might be more advantageous to sell only a portion of the note.
When selling a partial promissory note, the note is sold for a certain number of months. For instance, you may own a promissory note with a maturity date of five years and a value of $100,000. Let's say you need $20,000. By selling a portion of the promissory note, you would be forfeiting the annuity payments for one year in order to receive the $20,000 lump sum payment. At the end of the year, promissory note payments would resume.
Another option is to sell a partial promissory note as split months. This type of transaction allows you to receive half of the annuity payment, while the note buyer receives the other half. With this option and using the figures above, you would receive half of the annuity payment for two years. Regular payments would resume once the $20,000 debt is repaid.
A professional note buyer such as Simon Volkov can advise you of the various options available to sell your promissory note. The amount you receive will depend on many factors including the balance remaining on the note, interest rate, and payor stability. In order to obtain an accurate quote, it's best to keep detailed records and have your paperwork in order prior to contacting any potential buyer.
If you are considering selling your promissory note for a lump sum of cash, we'd like to talk with you. Simon Volkov is a professional promissory note buyer willing to pay you top dollar for entire or partial promissory notes. We will pay you cash for your annuity payments in as little as 10 to 15 business days.
To obtain a free consultation with one of our qualified lending specialists, provide the information requested at our secure Promissory Note form. One of our professional Note Buyers will contact you within 48 hours to further discuss your financial needs. Your information is held in the strictest confidence and will never be shared with anyone. We look forward to serving you!