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Loan Payoff Letter Template
I need a Loan Payoff Letter Template for a commercial property loan of £2.5 million, which includes early repayment fees and needs to be valid until March 15, 2025, with specific provisions for releasing the property security interest.
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
Authors
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
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
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