Free Secured Promissory Note Template Pdf. If the borrower does not pay back the amount within the time-frame suggested the lender will have the right to obtain the property of the borrower. In need of secured promissory notes for your lending business?
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A Secured Promissory Note is a document that secures the loan by a property - typically, a vehicle or real estate.
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It is similar to an unsecured promissory note, except without the collateral clause attached to it. If the borrower does not pay back the amount within the time-frame suggested the lender will have the right to obtain the property of the borrower. A secured promissory note is a kind of a document that is signed and intended to acknowledge that some money is owed and is to be paid in future.
