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New Mexico Promissory Note Templates

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The New Mexico promissory note templates are documents that outline the important aspects of a money-lending transaction between two individuals. In a money-lending deal, the lender of the balance makes a profit by receiving interest on top of being reimbursed the original balance given to the borrower. For New Mexico we offer two versions of the agreement, which are briefly described below.


Secured Promissory Note – Because this agreement is ‘secured’, it includes a section that requires the borrower to set aside a physical item (such as a home, vehicle, or boat) that is given to the lender in the case of a default to help cover the remaining unpaid balance.

Unsecured Promissory Note – This version does not include a section on security creating an additional financial risk for the lender. To help lessen this risk, it is highly recommended that the lender only enter into a deal with family/friends and those with an exceptional credit score.

Usury Rate

In New Mexico the legal rate of interest absent a written contract is 15%. NM ST § 56-8-3

How to Write

Step 1 – Begin by downloading a New Mexico note form –

  • Enter the document’s start date – mm/dd/yyyy
  • Submit the name of the borrower
  • Mailing address
  • AND
  • Enter the name of the lender
  • Mailing address
  • AND
  • Submit the note’s principal amount
  • Provide the unpaid portion of the annual percentage rate

Step 2 – Payments –

  • Submit the total amount of the note as would be payable on the due date
  • Include late fees and accrued interest

Installments – Choose the preferred payment method  and check the box

  • Enter the complete amount of the note
  • Submit the the note’s princial amount
  • Selection of  payment frequency
  • Provide the amount that shall be required for late payments

Step 3 – Security- (check the applicable box)

  • Check the applicable box indicating the type of note that shall be used
  • If the note will be“secured,” submit a description of the property to be used as security

Step 4 – Titled Sections and Subsections –

  • Interest due in the Event of Default
  • Allocation of Payments
  • Prepayment
  • Acceleration (and 6A.- Security)
  • Attorney’s Fees and Costs
  • Waiver of Presentments
  • Non-Waiver
  • Severability
  • Integration
  • Conflicting Terms
  • Notice
  • Co-Signer – Name of Co-signer
  • Execution
  • Governing Law – (New Mexico state laws)

Step 5 – Signatures – Must be witnessed:

  • Signature of the lender
  • Signature dated in mm/dd/yyyy format
  • Print name
  • AND
  • Signature of the borrower
  • Signature dated in mm/dd/yyyy format
  • Print name
  • AND
  • Signature of the Co-signer(s)
  • Signature dated in mm/dd/yyyy format
  • Print name
  • AND
  • Signature of Witness (after witnessing signatures ) in mm/dd/yyyy format
  • Print name

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