Loan Purchase Agreement

A loan purchase agreement is a document that is drafted when an individual or an organization is given a loan to purchase an asset. The asset may be an office space, a house, a car or heavy equipment and others. The agreement contain the details of the parties involve, the amount of loan given type of asset to be purchased and other terms and conditions agreed by the parties. .

Sample Loan Purchase Agreement

This loan purchase agreement has been made and entered between Jane Ire referred to as the borrower and Glen Financial Services Limited referred to as the lender. This agreement has been drafted as per the credit laws of the State of New Jersey and is effective from 9th of June 2012.

As per the agreement the lender agrees to provide a loan of an amount of $400000 to the borrower who will use the amount to buy an apartment.

Details of the borrower:

Permanent Residential address: 78 Universal High Road, New York, New Jersey 6789.

Contact number: 45908

Details of the lender:

Office address: 90 Little Way Lane, New York, New Jersey 6734.

Contact number: 34678

The terms and conditions of the agreement are as follows:

  1. The borrower has taken the loan to buy a 1500 square feet apartment located at: High Rise Apartments, 45 Tiny Mini Road, New York, New Jersey 6712.
  2. The agreement ends on 8th of June 2017 within which the borrower has to repay the loan amount.
  3. The borrower will be charged 10% compounded interest on the loan amount.
  4. The apartment of the borrower will be confiscated if he fails to repay the loan.
  5. The borrower has to pay monthly installment to repay the loan.

Signature of the borrower: ____________

Signature of the lender: _______________

Jack Main

(On behalf of Glen Financial Services Limited)

Category: Loan Agreements

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