New Mexico Secured Promissory Note Template
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The New Mexico Secured Promissory Note Template provides a clear view of the terms of a loan. The document, entered into by a lender and borrower, is legally enforceable (as long as it is properly formatted/signed by all of the involved parties). Secured notes are “secure” due to the collateral that is provided by the borrower. The note must contain a description of the secured assets (and may require an additional form known as a “security agreement”).

How to Write

Step 1 – Use the links supplied on this page to download the template.

Step 2 – The first paragraph of the note should contain the following:

• Date
• Name of borrower/address
• Name of lender/address
• Amount of loan
• Interest rate (per annum)

Step 3 – Payments – The note must contain the borrower’s method of payment:

• Select the agreed upon payment method by checking the corresponding box.
• If applicable – provide the installment amount AND monthly/weekly installment frequency.

Step 4 – Due Date – The final due date of the note. This is the date in which the full balance of the loan must be paid by.

Step 5 – Interest Due in Event of Default:

• Submit the amount of interest the borrower will be required to pay if they default on the note.

Step 6 – Late Fees – If the borrower does not make a payment in accordance with the agreed upon payment schedule they must pay a late fee.

• Submit how long the borrower will have to make a past-due payment before the late fee is applied to the balance.
• Enter the amount that will be charged.

Step 7 – Acceleration:

• Provide the number of days the borrower has after defaulting on the note to “cure” the default.

Step 8 – Security:

• A description of the security MUST be provided.

Step 9 – Signatures:

• Fill in the date.
• Submit the names of the involved parties (borrower, lender, witnesses).
• The parties must sign their names in the allotted input fields in order for the document to be legally enforceable.