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Business Notes
Business
notes are created when a business owner sells a business using owner-financing.
It is considerably more difficult to get a bank loan for the purchase of a small
business than it is to get a loan for the purchase of a home. Businesses
historically have a high failure rate, and often do not have enough collateral
to satisfy a bank loan.
Business sellers typically have no option but to offer seller-financing. They
often accept a down payment for part of the sale, and a promissory business note
for the remainder.
There are times when the seller is satisfied to receive the payments over
a lot of years, but it is often the case that they have requirements for a lump
sum payment instead of collecting the payments over a period of time.
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