Virginia Secured Promissory Note Template

Follow the instructions on this page to learn how to properly draft the Virginia Secured Promissory Note Template. The secured promissory note template should only be used if you are entering a loan agreement where the borrower will be pledging security (i.e. collateral). Promissory notes are used to establish a legally enforceable agreement regarding a loan. A properly formatted note must contain the parties (borrower/lender), loan amount, interest rate, repayment schedule, and other applicable terms.

How to Write

Step 1 – Download the document.

Step 2 – The following details must be submitted (into the input fields of the note’s first paragraph):

  • Date
  • Names of borrower and lender
  • Addresses of borrower and lender
  • Amount of loan
  • Interest rate

Step 3 – Payments – The payment method must be submitted by checking the appropriate (from the following options):

  • No Installments
  • Installments
  • Interest Only

Step 4 – The “Installments” or “Interest Only” payment methods require additional details:

  • Submit the due date.
  • Enter the amount that will be paid per installment.

Step 5 – Due Date:

  • Fill in the date in the provided format (dd/m/yy).

Step 6 – Interest Due in Event of Default:

  • This subsection details what interest rate the borrower will be charged if they default on the note.

Step 7 – Late Fees:

  • The “Late Fees” subsection describes how long the borrower will have to make a past-due installment.
  • If the borrower does not make the payment in the required period of time, they will be charged a late fee.
  • Submit how much the borrower will be charged.

Step 8 – Acceleration:

  • After defaulting on the loan, the borrower will have X number of days to cure the default, otherwise the lender can take further action.
  • Submit the number of days.

Step 9 – Security:

  • A secured promissory note must contain a description of the pledged assets.

Step 10 – Signatures:

  • The last subsection of the document is reserved for the signatures of each party.
  • Fill in the date, and then have each party print/sign their names.
Virginia Secured Promissory Note - Adobe PDF - Microsoft Word

Virginia Secured Promissory NoteAdobe PDFMicrosoft Word