Loan Agreement Template

LOAN AGREEMENT

This Loan Agreement is made between Jonathan Reeves of Summit Capital Partners (the Lender) and Michael Ellison (the Borrower), whereby the Lender agrees to advance funds to the Borrower on the terms set out below.

Parties

Lender: Jonathan Reeves, Summit Capital Partners, 800 Financial Plaza, Boston, MA 02110

Borrower: Michael Ellison, 312 Willow Creek Rd, Austin, TX 78704 (+1 (555) 448-2093 | michael.ellison@gmail.com)

1. Principal Amount

The Lender agrees to lend the Borrower a principal sum of $50,000.00, to be advanced on August 1, 2026. The Borrower acknowledges receipt of the principal and promises to repay it in full.

2. Interest

Interest shall accrue on the outstanding principal at a rate of 6.5% per annum, calculated on the reducing balance. Interest continues to accrue on any overdue amount until paid in full.

3. Repayment Schedule

The Borrower shall repay the loan over a term of 60 months, maturing on July 31, 2031, in installments of $978.31 per month per period. Repayment schedule: Equal monthly installments due on the 1st of each month.

4. Prepayment

The Borrower may prepay in full or in part at any time without penalty. Any prepayment shall be applied first to accrued interest and then to outstanding principal.

5. Collateral & Security

As security for the loan, the Borrower grants the Lender a security interest in the following collateral: A 2023 Ford Transit cargo van, VIN 1FTBR1C89PKA12345.

6. Events of Default

Default occurs if any payment is more than 15 days late or the Borrower becomes insolvent. Upon default, the entire unpaid balance of principal and accrued interest shall become immediately due and payable at the Lender option. This Agreement is governed by the laws of the State of Texas.

Signatures

Lender: Jonathan Reeves

Borrower: Michael Ellison