When is the Dryject note payable to the Wilmington Savings Fund Society (Bank) due?
Dryject Franchise · 2025 FDDAnswer from 2025 FDD Document
a reduction of the carrying amount of the debt rather than as an asset. Amortization of the debt issuance costs is reported as interest expense in the statement of functional expenses.
Note 4 - (continued)
Long-term debt allocated to the Company at December 31, consists of the following:
| Note payable to WSFS Bank (formerly Bryn | s | 527,327 | s | 648,433 | |-----------------------------------------------
Source: Item 8 — BUSINESS RELATIONSHIP (FDD pages 68–229)
What This Means (2025 FDD)
According to Dryject's 2025 Franchise Disclosure Document, the note payable to WSFS Bank (formerly Bryn Mawr Trust Company) is due in monthly installments of $13,034, with interest at 2.5% above prime, and is due in August 2026.
This means that Dryject has a debt obligation to WSFS Bank that requires monthly payments. These payments consist of a fixed principal amount of $13,034 plus interest, which fluctuates based on the prime interest rate. The entire note must be paid off by August 2026.
Prospective franchisees should be aware of Dryject's debt obligations, as these can impact the financial stability of the company. Understanding the terms of the note, including the interest rate and payment schedule, can provide insight into Dryject's financial health and its ability to support its franchisees. Additionally, the fact that WSFS Bank was formerly Bryn Mawr Trust Company indicates a change in the lender's name, which could be due to a merger or acquisition.