What interest rate will Bumble Roofing charge on the accelerated balance of the Note?
Bumble_Roofing Franchise · 2025 FDDAnswer from 2025 FDD Document
FOR VALUE RECEIVED, the undersigned maker of this Note promises to pay to the order of [ENTITY NOTEHOLDER] located at 2426 Old Brick Road, Glen Allen, Virginia 23060, the principal sum of [AMOUNT] ($AMOUNT) in the currency of the United States of America together with interest from the date of this Note at the rate of [INTEREST RATE] (INTEREST RATE%) per annum.
If a payment is late, holder may, in its sole discretion elect to;
- A.
Declare the entire unpaid principal and interest balances immediately due and payable; or
Source: Item 10 — FINANCING (FDD page 30)
What This Means (2025 FDD)
According to the 2025 Bumble Roofing FDD, the Promissory Note outlines the terms for repayment, including potential actions Bumble Roofing may take if a payment is late. Specifically, the note indicates that if a payment is late, Bumble Roofing has the option to declare the entire unpaid principal and interest balances immediately due and payable.
The Promissory Note states that the note will accrue interest from the date of the note at the rate of [INTEREST RATE]%. However, the specific interest rate that Bumble Roofing will charge on the accelerated balance of the Note is not specified in the excerpt. The interest rate is represented by a bracketed placeholder, [INTEREST RATE]%, indicating that the actual rate will be determined at the time the note is issued.
Prospective Bumble Roofing franchisees should carefully review the terms of the Promissory Note with a financial advisor and clarify the applicable interest rate with Bumble Roofing before signing any agreements. Understanding the interest rate and the conditions under which the balance can be accelerated is crucial for managing their financial obligations to Bumble Roofing.