What is the amount of the Truist loan under Notes Payable for Burneys Sweets More?
Burneys_Sweets_More Franchise · 2025 FDDAnswer from 2025 FDD Document
gust 2029.
Notes Payable - Truist loan in the amount of $46,742 is payable beginning January 2021 and payable in 72 monthly payments of $711 including interest of 2.99%. Proceeds were for purchase of vehicle which is listed as collateral. Final payment expected Dec
Source: Item 23 — RECEIPT (FDD pages 50–199)
What This Means (2025 FDD)
According to Burneys Sweets More's 2025 Franchise Disclosure Document, the Notes Payable section includes a Truist loan amounting to $46,742. This loan was initiated in January 2021 and is structured to be paid off in 72 monthly installments of $711, which includes an annual interest rate of 2.99%.
The proceeds from this Truist loan were specifically used for the purchase of a vehicle, which serves as collateral for the loan. The final payment for this loan is expected to be made in December 2026.
For a prospective Burneys Sweets More franchisee, understanding the franchisor's debt obligations can provide insights into the financial stability of the company. Reviewing the terms of the loan, such as the interest rate and repayment schedule, can also offer a basis for comparison when evaluating their own financing options for starting a franchise.