What is the interest rate for the note payable to the former members of the LLC for Dryject?
Dryject Franchise · 2025 FDDAnswer from 2025 FDD Document
------------------------------------------------------------------------------------------------------------------|-----|----------|----|----------| | Mawr Trust Company), due in monthly
Source: Item 8 — BUSINESS RELATIONSHIP (FDD pages 68–229)
What This Means (2025 FDD)
According to Dryject's 2025 Franchise Disclosure Document, the company had a note payable to the former members of the LLC. The interest rate for this note is 5.0%. The note is due in monthly installments of $2,629, beginning in September 2018, and is due to be paid off in September 2028.
As of December 31, 2024, the balance of this note was $179,079, while on December 31, 2023, the balance was $205,281. This indicates that Dryject has been making payments on this note as agreed.
For a prospective Dryject franchisee, this information is relevant because it provides insight into the company's financial obligations and how they are managing their debt. Understanding the terms of existing notes payable can help a franchisee assess the financial stability of Dryject and its ability to meet its obligations. It also shows the franchisee how the transfer of ownership was financed.