What is the amount of the Acura loan under Notes Payable for Burneys Sweets More?
Burneys_Sweets_More Franchise · 2025 FDDAnswer from 2025 FDD Document
ES PAYABLE
Notes Payable - Acura loan in the amount of $37,300 is payable beginning August 2024 and payable in 60 monthly payments of $686 including interest of 3.9%. Collateral is vehicle purchased. Final payment expected A
Source: Item 23 — RECEIPT (FDD pages 50–199)
What This Means (2025 FDD)
According to Burneys Sweets More's 2025 Franchise Disclosure Document, the Acura loan under Notes Payable is $37,300. This loan is payable beginning in August 2024, with 60 monthly payments of $686, which includes a 3.9% interest rate. The vehicle purchased with the loan serves as collateral, and the final payment is expected in August 2029.
This information is relevant for prospective Burneys Sweets More franchisees as it provides insight into the company's financial obligations and how they manage debt. Understanding the terms of the Acura loan, such as the interest rate and repayment schedule, can help potential franchisees assess the financial stability of the franchisor.
Furthermore, the presence of a secured loan (collateralized by the vehicle) indicates a level of financial risk management. Franchisees may want to inquire about the company's overall debt management strategy and how it impacts the franchisor's ability to support its franchisees. This information is typically found within the financial statements included in the FDD.