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In this tutorial, Trevor explains promissory notes, which serve as evidence of debt in loans and outline the borrower's commitment to repay along with the terms of repayment. He highlights that most loans are made with recourse, meaning the borrower is personally liable for the total debt amount, regardless of collateral availability during foreclosure. In contrast, non-recourse loans limit liability to the collateral specified in the loan documents, should default occur. Key components discussed include the loan amount, referred to as the principal, and how it decreases as repayments are made.
