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In this tutorial, Trevor discusses promissory notes, which serve as evidence of debt for loans and outline the borrower's promise to repay under specified conditions. Loans are generally made with recourse, meaning the borrower is personally liable for the full debt, even if collateral is insufficient during foreclosure. Alternatively, loans can be non-recourse, where repayment is solely dependent on the collateral identified in loan documents. Key elements of a promissory note include the loan amount, referred to as the principal, which decreases as payments are made.
