What is the monthly installment amount for the Exit note dated May 16, 2020?
Exit Franchise · 2025 FDDAnswer from 2025 FDD Document
)**
Notes payable consist of the following:
December 31 2024 2023 2022 Exit Realty Corp. International Note dated April 29, 2016 and subsequently amended $ 320,074 $ 338,744 $ 507,496 on September 12, 2023 for franchise territory in Wisconsin, payable in monthly installments ranging from $2,381 to $3,844 through Septembe
Source: Item 23 — RECEIPT (FDD pages 42–235)
What This Means (2025 FDD)
According to Exit's 2025 Franchise Disclosure Document, a U.S. Small Business Administration note dated May 16, 2020, was issued to alleviate economic injury caused by a disaster. The note is payable in monthly installments of $731.
The repayment period for this note extends from November 18, 2022, through November 2052. Interest accrues on the note at an annual rate of 3.75%.
The disclosure also indicates that a previous deferment related to this note may result in a balloon payment at the end of the term. This means that the franchisee may owe a significant lump sum in addition to the regular monthly payments.