Not a blank template - your details are filled in, formatted to Florida law, and ready to sign.
Draft a legally compliant Secured Promissory Note for Florida that contains all required terms under Florida promissory note law. Fill in your loan details and download your completed, ready-to-sign Secured Promissory Note as a professional PDF.
Florida law governs promissory notes with specific usury limits and enforcement rules that shields both creditor and borrowing party. The usury limit in Florida is 18% for loans under $500,000; 25% for larger. Lenders have 5 years to file suit to collect on a promissory note in Florida. Florida law requires 4 specific elements in a valid promissory note.
Florida Promissory Note Requirements
Max Interest Rate18%
Rate Details18% for loans under $500,000; 25% for larger
Usury PenaltyCriminal felony if over 25%; double interest civil penalty
Statute of Limitations5 years
NotarizationRecommended
WitnessesRecommended (2)
Governing AgencyFlorida Circuit Courts
Required Elements Written agreement signed by borrower; Detailed collateral description; Interest rate disclosure; Lien filing if applicable
What to Include in a Florida Secured Promissory Note
Every Secured Promissory Note in Florida should include the following important provisions: the full legal names and addresses of both the lender and obligor, the principal loan amount, the interest rate (which must not exceed 18% for loans under $500,000; 25% for larger under Florida law), the repayment schedule and due dates, any late payment penalties, the consequences of default, and the governing law clause. Because this is a secured promissory note, you must also describe the collateral in detail, including how it will be valued and the lender's right to seize it upon default.
Florida requires the following elements in a valid promissory note: written agreement signed by borrower, detailed collateral description, interest rate disclosure, lien filing if applicable. Two witnesses recommended per Florida custom.
How to Complete a Florida Secured Promissory Note
To complete a Secured Promissory Note in Florida, start by gathering the necessary information: the full legal names and addresses of both parties, the loan amount, the agreed-upon interest rate (must be at or below 18% for loans under $500,000; 25% for larger in Florida), the repayment terms, and any collateral details if applicable.
Our platform walks you through each section with a guided form tailored to Florida requirements. Once you have filled in all details, you can preview the document, choose from five professional document styles, and download your completed Secured Promissory Note as a PDF.
Frequently Asked Questions
What is the maximum interest rate for a promissory note in Florida?
Florida caps interest at 18% for loans under $500,000; 25% for larger. Charging above the legal limit is usury - in Florida, the penalty is: criminal felony if over 25%; double interest civil penalty. Always confirm the current rate with an attorney, as usury laws can change.
Do I need a notary for a promissory note in Florida?
Notarization is not required in Florida for a promissory note to be legally valid. Notarizing it anyway is strongly recommended - it deters forgery claims, simplifies court enforcement, and makes the note self-authenticating as evidence. Having 2 witnesses is also recommended.
What happens if a borrower defaults on a promissory note in Florida?
Upon default, the lender may demand immediate repayment of the full outstanding balance, charge any default interest rate specified in the note, and file suit in Florida court. As a secured note, the lender may also seize and sell the collateral to recover the outstanding amount. Lenders have 5 years from the date of default to file a lawsuit under Florida's statute of limitations for written contracts.
What collateral can be used for a secured promissory note in Florida?
Common collateral for secured promissory notes includes real estate, vehicles, equipment, bank accounts, or valuable personal property. The collateral must be described in detail in the note - make, model, serial number, or legal property description depending on the asset type. The lender's right to seize and sell the collateral upon default must also be clearly stated. For real estate collateral, a separate deed of trust or mortgage is typically also required.
What is the difference between a secured and unsecured promissory note?
A secured promissory note is backed by collateral - if the borrower defaults, the lender can seize the collateral to recover the debt. An unsecured note relies solely on the borrower's promise to repay; the lender must sue and obtain a judgment to collect. Secured notes carry less risk for the lender and typically carry lower interest rates as a result.
What must be included in a Florida Secured Promissory Note?
A valid Secured Promissory Note in Florida must include: Written agreement signed by borrower; Detailed collateral description; Interest rate disclosure; Lien filing if applicable. Our platform automatically includes all required elements formatted to Florida standards.
What is Florida's maximum interest rate for a private promissory note?
Florida Statute §687.02 sets the usury limit at 18% per year for loans under $500,000 and 25% per year for loans of $500,000 or more. Charging above the 18% limit is civil usury (forfeiture of excess interest). Charging above 25% is criminal usury - a third-degree felony. Florida's 5-year statute of limitations applies to written promissory notes. Seller-financed mortgages and certain business loans have different rate rules.
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