The Loan Payoff Letter Template is essential for loan termination processes under English and Welsh law. It is used when a borrower intends to pay off their loan in full, either at or before the scheduled maturity date. The letter provides crucial information including the final payoff amount, payment deadline, daily interest charges, and specific instructions for submitting payment. This document ensures clarity and legal compliance in loan satisfaction processes, protecting both lender and borrower interests. It's particularly important as it provides written confirmation of the amount needed to fully discharge the debt and can serve as evidence of loan satisfaction once payment is made.
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1. Borrower Information: Full legal name and contact details of the borrower
2. Loan Details: Original loan amount, account number, and date of origination
3. Payoff Amount: Total amount required to satisfy the loan, including principal, interest, and fees
4. Payoff Date: Date through which the payoff amount is valid
5. Payment Instructions: Details for submitting the payoff payment
1. Per Diem Interest: Daily interest amount if payment is made after payoff date - include when payoff amount might be paid after the stated date
2. Release of Security: Statement regarding release of any security interests - include when loan is secured by collateral
3. Prepayment Penalties: Information about any early repayment charges - include when applicable to the loan agreement
1. Loan Statement: Detailed breakdown of the payoff amount calculation
2. Wire Transfer Instructions: Detailed banking information for payment submission
3. Authorization Forms: Any required forms for processing the payoff
Relevant legal definitions
Account Number
Accrued Interest
Applicable Law
Borrower
Business Day
Effective Date
Early Repayment Fee
Final Payment
Good Funds
Interest Rate
Lender
Loan
Loan Agreement
Original Principal Amount
Outstanding Balance
Payoff Amount
Payoff Date
Payoff Instructions
Per Diem Interest
Principal
Satisfaction of Loan
Security Interest
Settlement Date
Wire Transfer
Accrued Interest
Applicable Law
Borrower
Business Day
Effective Date
Early Repayment Fee
Final Payment
Good Funds
Interest Rate
Lender
Loan
Loan Agreement
Original Principal Amount
Outstanding Balance
Payoff Amount
Payoff Date
Payoff Instructions
Per Diem Interest
Principal
Satisfaction of Loan
Security Interest
Settlement Date
Wire Transfer
Clauses
Account Information
Calculation of Payoff Amount
Payoff Statement Validity
Payment Instructions
Per Diem Interest
Good Faith Estimate
Release of Security
Conditions Precedent
Payment Method
Statement Expiration
Additional Charges
Disbursement Instructions
Document Release
Indemnification
Governing Law
Loan Satisfaction
Prepayment Penalties
Recording Fees
Security Interest Release
Verification of Receipt
Calculation of Payoff Amount
Payoff Statement Validity
Payment Instructions
Per Diem Interest
Good Faith Estimate
Release of Security
Conditions Precedent
Payment Method
Statement Expiration
Additional Charges
Disbursement Instructions
Document Release
Indemnification
Governing Law
Loan Satisfaction
Prepayment Penalties
Recording Fees
Security Interest Release
Verification of Receipt
Relevant Industries
Relevant Teams
Relevant Roles
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