What is the collateral for 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 collateral for the Truist loan is a vehicle. Specifically, the Notes Payable section indicates that the proceeds from the $46,742 Truist loan were used to purchase a vehicle, and this vehicle is listed as the collateral for the loan.
The loan, which began in January 2021, is structured with 72 monthly payments of $711, which includes a 2.99% interest rate. The final payment for this loan is expected in December 2026.
For a prospective Burneys Sweets More franchisee, this information provides insight into the types of financing arrangements the company has utilized. It also highlights the importance of understanding the terms and collateral requirements associated with any loans a franchisee might need to secure for their own business operations. This example shows that asset-backed loans, where the purchased asset serves as collateral, are a possibility.