Family Loan Agreement Letter
Date: September 3, 2050
Mr. and Mrs. Feeney
Austin, TX 73301
Dear Mr. and Mrs. Feeney,
We are pleased to inform you that your request for a family loan has been approved. We are offering you a loan amount of $20,000 with an annual interest rate of 2.9%, to be repaid over a period of 3 years. The first payment is scheduled for October 3, 2050, with monthly installments of $626.56.
This loan is intended to assist with your family’s home renovation project, specifically for updating the kitchen and expanding the living area. As collateral, we require a lien on the property located at 456 Oak Ridge Drive, Harrison, NY 10528. Enclosed, you will find the detailed terms and conditions of the loan agreement, including repayment schedules and the responsibilities regarding the use of funds.
The loan of $20,000 is to be repaid over a period of 3 years with an annual interest rate of 2.9%. The first payment is scheduled for October 3, 2050, and subsequent payments are due on the 3rd of each month thereafter. The monthly installment amount is $626.56.
To secure this loan, we require a lien on the property located at 456 Oak Ridge Drive, Harrison, NY 10528. Please provide an updated property appraisal and a detailed project plan for the proposed renovations.
To proceed, please review, sign, and return the enclosed copy of the loan agreement by September 10, 2050. If you have any questions or need further assistance, do not hesitate to contact our family loan coordinator at [Your Email].
We look forward to supporting your family’s home improvement endeavors.
Sincerely,
[Your Name]
Loan Officer
[Your Company Name]
[Your Email]
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