What is the interest rate on the Truist loan associated with 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 company has a Truist loan with an interest rate of 2.99%. The loan amount is $46,742, and it is payable in 72 monthly installments of $711, which includes the interest.
The loan originated in January 2021, and the expected final payment is in December 2026. The proceeds from the loan were used to purchase a vehicle, which serves as collateral for the loan. This information is part of the notes payable section within the financial statements.
Prospective franchisees should note that this loan is specific to the company, DMG Burney, Inc., and not necessarily a financing option available to franchisees. However, it provides insight into the company's financial obligations and how it manages its debt. Understanding the franchisor's financial health is crucial for potential franchisees, as it can impact the level of support and resources available to them.