A Payoff Letter From Lender is a crucial document in German lending practice that formally communicates the terms and conditions for completely satisfying a loan obligation. It is typically requested when a borrower intends to repay a loan before its scheduled maturity date or at maturity, or when refinancing with another lender. The letter must comply with German banking regulations and civil law requirements, providing exact calculations of all amounts due, including principal, interest, and any fees. The document serves as an official record of the payoff amount and includes specific instructions for payment, validity periods for the quoted amounts, and details about the release of any security interests. This type of letter is particularly important in German jurisdiction as it provides legal certainty for both parties and helps ensure compliance with strict German banking documentation requirements.
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1. Letterhead and Date: Lender's official letterhead with full contact details and date of the letter
2. Recipient Information: Borrower's full name and address
3. Reference Line: Loan agreement details including date and reference number
4. Loan Information: Basic details of the loan including original amount, date of origination, and current status
5. Payoff Amount Calculation: Detailed breakdown of the total payoff amount including principal, accrued interest, and any fees
6. Payment Instructions: Specific bank account details and payment requirements
7. Payoff Deadline: Valid date/time period for the payoff amount quoted
8. Post-Payment Procedures: Information about release of security and loan closure procedures
1. Prepayment Penalty Calculation: Include when the loan terms include prepayment penalties that apply to the payoff
2. Multiple Currency Options: Include when payment can be made in different currencies
3. Partial Payment Terms: Include when partial payoff is permitted and terms need to be specified
4. Third Party Authorization: Include when the payoff request comes from an authorized third party
5. Outstanding Obligations: Include when there are other obligations or requirements beyond the monetary payoff
1. Schedule A - Detailed Interest Calculation: Day-by-day interest calculation showing how the interest portion was determined
2. Schedule B - Fee Breakdown: Itemized list of all applicable fees included in the payoff amount
3. Schedule C - Security Release Documents: Forms or documents that will be executed upon receipt of payment
4. Appendix 1 - Wire Transfer Instructions: Detailed banking information including SWIFT/IBAN codes and reference requirements
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