What was the interest rate for the note payable with a bank for Bambu in 2023?
Bambu Franchise · 2025 FDDAnswer from 2025 FDD Document
| 2024 | 2023 | |
|---|---|---|
| Note payable with a bank. Face Amount $179,970, interest | 179,970 | |
| at 8.25% per year, payment in 84 installments of $2,838. | ||
| Collateralized by the assets of the Company and the | ||
| personal guaranty of the managing member of the |
Source: Item 23 — Receipts (FDD pages 52–209)
What This Means (2025 FDD)
According to Bambu's 2025 Franchise Disclosure Document, in 2023, Bambu had a note payable with a bank with a face amount of $179,970. The interest rate for this note was 8.25% per year. Payments were structured in 84 installments of $2,838.
The note was collateralized by the assets of the company and the personal guaranty of the managing member of the company. This means that in the event of default, the bank could seize company assets and pursue the managing member personally to recover the outstanding debt.
This information is relevant for prospective franchisees as it provides insight into the financial obligations and debt structure of Bambu. Understanding the terms of these notes payable, including interest rates and collateral, can help franchisees assess the financial stability of the company.