What is the interest rate on the note payable to Genesis Finance for Apricot Lane?

According to Apricot Lane's 2025 Franchise Disclosure Document, the interest rate on the note payable to Genesis Finance is 4.49%. The note is secured by a vehicle and requires monthly payments of $1,170, which includes the interest. The unpaid balance is due on July 23, 2029, indicating the term of the note. The total amount of the note payable to Genesis Finance is $69,244.

This information is relevant for prospective Apricot Lane franchisees as it provides insight into the brand's financial obligations and how they manage debt. Understanding the interest rates and terms of existing loans can help a franchisee assess the financial stability of the franchisor. It also gives an example of the type of financing arrangements Apricot Lane enters into, which could be useful if a franchisee needs to seek financing for their own business.

It's important to note that this note is secured by a specific vehicle, which means that Genesis Finance has a claim on that asset in case of default. This is a common practice in financing arrangements, as it provides the lender with additional security. Franchisees should consider the implications of secured debt when making their own financial decisions and understand the risks involved.