When is the final payment due for the $150,000 note payable with a bank for Pearce Bespoke?
Pearce_Bespoke Franchise · 2025 FDDAnswer from 2025 FDD Document
| Deferred Commissions | Non-refundable Franchise Fees | ||
|---|---|---|---|
| Year ending December 31: | |||
| 2025 | $ | 79,960 | $ 139,500 |
| 2026 | 79,960 | 90,000 | |
| 2027 | 79,960 | 90,000 | |
| 2028 | 79,960 | 90,000 | |
| 2029 | 79,960 | 90,000 | |
| Thereafter | 301,884 | 314,298 | |
| $ | 701,684 | $ 813,798 | |
| NOTE 3 – NOTES PAYABLE | |||
| Notes payable consist of the following at December 31, | 2024 | ||
| Note payable with a bank. Face amount of $150,000, payable in 54 | in July 2025. | $ 97,508 | |
| weekly installments of $3,528 including a fixed fee of 27% of the | |||
| face amount of the note. Final payment is due | |||
| Collateralized by the assets | |||
| of the Company. | |||
| Note payable with a bank. |
Source: Item 21 — FINANCIAL STATEMENTS (FDD page 39)
What This Means (2025 FDD)
According to Pearce Bespoke's 2025 Franchise Disclosure Document, the final payment for the $150,000 note payable with a bank is due in July 2025. This note is payable in 54 weekly installments of $3,528, which includes a fixed fee of 27% of the face amount of the note. The note is collateralized by the assets of the company.
This information is relevant to prospective franchisees as it provides insight into the financial obligations and debt structure of Pearce Bespoke. Understanding the terms of the company's notes payable can help franchisees assess the financial stability and risk associated with investing in the franchise.
It is important to note that this is just one specific note payable, and Pearce Bespoke may have other financial obligations. Prospective franchisees should carefully review the entire financial statement and consult with a financial advisor to fully understand the company's financial position before making an investment decision.