What is the deadline for signing the CPN after the grant of funding from Corcoran?

According to Corcoran's 2025 Franchise Disclosure Document, Corcoran may require a franchisee to sign the Conversion Promissory Note (CPN) within 3 months of receiving funding. This condition is at Corcoran's discretion, meaning it is not automatically applied to every franchisee who receives funding.

This requirement is significant for prospective Corcoran franchisees because it sets a relatively short timeframe to review and sign the CPN after the funds are granted. The CPN outlines the terms of the financing provided by Corcoran, including repayment schedules, potential forgiveness clauses based on gross revenue, and consequences of default. Therefore, franchisees need to be prepared to act quickly and thoroughly assess the CPN terms to ensure they align with their financial capabilities and business plans.

Missing this deadline could jeopardize the funding offered by Corcoran, potentially impacting the franchisee's ability to cover conversion or opening costs, as well as other business-related expenses. Franchisees should clarify with Corcoran the specific reasons for this requirement and the potential consequences of failing to meet the deadline. Understanding the rationale behind this timeframe can help franchisees better manage their obligations and maintain a positive relationship with Corcoran.