Connecticut Secured Promissory Note Template

The Connecticut Secured Promissory Note Template is a written agreement that is used to establish the terms of a loan. The note is a contractual document that is entered into by two parties (a lender and a borrower). The note is “secured” because of the borrower’s pledged collateral. In the event of a default the lender may take possession of the collateral and sell it in order to recoup the balance of the loan.

Note: This document must be signed by two witnesses. Both parties (lender/borrower) are required to sign their names in order for the document to be valid.

How to Write

Step 1 – Download the template in .PDF or Word format.

Step 2 – Provide the following details:

  • Date (dd/m/yy)
  • Full name of borrower
  • Address of borrower
  • Name of lender
  • Address of lender
  • AND
  • Enter the principal sum of the agreement
  • Interest rate (per annum)

Step 3 – Payments – Select the appropriate method of repayment from the following options:

  • No Installments (one-time payment on due date)
  • Installments (multiple weekly or monthly payments)
  • Interest Only

Installment or interest only payments require additional details:

  • Monthly – enter the monthly due date
  • Weekly – provide the weekly due date

Step 4 – Due Date: The date which the entire sum of the loan (including any fees) is due by.

Step 5 – Interest in Event of Default: Should the borrower default on the note, the interest rate as provided in this subsection will be applied to the balance.

  • Enter the interest rate

Step 6 – Late Fees: Enter the amount of time (in days) that the borrower will have to submit a payment before a late fee will be applied to the balance. Provide the late fee amount.

  • Note: Any late fees are due the same time as the past-due payment.

Step 7 – Acceleration: Submit the number of days the borrower will have to “cure” a default on the note. Should the borrower fail to cure the default within this time period, the lender may declare the full balance due immediately.

Step 8 – Security: Provide a description of the pledged collateral.

Step 9 – Signatures:

  • Submit the date the agreement is signed by the parties and witnesses.
  • Enter the lender’s name.
  • Lender must sign their name.
  • Enter the borrower’s name.
  • Borrower must provide a signature.
  • Witnesses must print/sign their names.
Connecticut Secured Promissory Note - Adobe PDF - Microsoft Word

Connecticut Secured Promissory NoteAdobe PDFMicrosoft Word