Who is the holder of the Expansion Promissory Note for Corcoran?
Corcoran Franchise · 2025 FDDAnswer from 2025 FDD Document
| MAKER: | |
|---|---|
| CO-MAKER(S): | |
| HOLDER: | CORCORAN GROUP LLC |
| PLACE FOR PAYMENT: | 175 PARK AVENUE, MADISON, NJ |
| PRINCIPAL: |
Source: Item 23 — RECEIPTS (FDD pages 75–276)
What This Means (2025 FDD)
According to Corcoran's 2025 Franchise Disclosure Document, the holder of the Expansion Promissory Note is Corcoran Group LLC. The address for payment is 175 Park Avenue, Madison, NJ. The promissory note outlines the maker and any co-makers, the principal amount, the annual interest rate, and the maturity date. The annual interest rate is 0%, except as described in the note. The maturity date is December 31, 20--.
This information is crucial for a prospective Corcoran franchisee because it identifies the entity to whom they will be indebted under the Expansion Promissory Note. Understanding who the holder is ensures that franchisees know where to direct payments and with whom they need to communicate regarding the note.
The details regarding the interest rate and maturity date are also important. The 0% interest rate (with exceptions as described in the note) could be a beneficial term for the franchisee, but it is essential to understand the conditions under which this rate could change. The unspecified year for the maturity date (December 31, 20--) indicates that this detail will be determined at the time the note is issued, and franchisees should pay close attention to this when finalizing the agreement.