Promissory note verbiage for multiple draws

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Promissory note verbiage for multiple draws

Jim Workman
Investor · La Crescenta, CA · Member since 2013 · 174 posts · 50 votes

We are trying to create a promissory note for a fix and flip project where funds will be released based on completed milestones.  Does anyone have a good example of such a clause?

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  • Jeff B.
    Buy & Hold Owner · Redlands, CA · Member since 2015 · 5k+ posts · 2k+ votes
    10y

    "Progress Payments"  typical of a contractors bid authorization:

    1. 10% binding fee
    2. 40% complete -> 30% payment
    3. 70% complete -> 30% payment
    4. 100% complete -> 30% payment
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  • Jim Workman
    OP
    Investor · La Crescenta, CA · Member since 2013 · 174 posts · 50 votes
    10y

    Thanks @Jeff B., but I am really looking for the verbiage in a promissory note to show the draw percentages.

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