Promissory Note Repayment Language

[Dan McCarthy]

Hey everyone, 

I'm working on a promissory note for a private lender and the deal is that he will lend us the funds needed to purchase and do a light rehab on a property that we have under contract at a good discount to market value. My question is, how should I word the repayment portion to reflect that the principal and interest will be repaid once the property is refinanced since the banks are taking a long time to close these days?

Here is what I have so far and I welcome any thoughts or suggestions.

1. Repayment. ­All principal and interest, together with any costs, payable under this Note shall be due and payable to Lender at the time of the closing of bank refinancing of property.

Thanks!

Dan