A time note is typically used to finance short-term requirements such as seasonal borrowing, acquisition or event funds bridging to permanent financing or temporary working capital needs.
Time Note Summary
- Maturity date less than 1 year
- Interest is payable monthly
- Principal repayment is generally paid at maturity
- Repayment of the time note corresponds with the purpose of the financing and the nature of the source repayment
- Borrowing under a time note carries interest at a rate negotiated with the customer
Time Notes go well with. . .
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