mobilepolice
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- Jun 16, 2013
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I'm having a very difficult time finding financing for an aircraft I've entered into a sales agreement with.
I have financing lined up, but it's not preferred. It's a 5 year balloon payment loan and I'd just rather not if I could avoid it.
Paying out of pocket isn't an option right now (but maybe in 2 years)
It's a 1980 Piper Seneca II, problem is that it has 12,150 hours total time. It's been very well taken care of, and was flown on about 75 angel flights a year by a retired doctor between the late 90's and 2011. It's still flying today, but not as much. Engines are in great shape, airframe looks to be in great shape as well, and there's no indication that it's time has done it any wrong. No damage history, meticulous logs, etc.
Traditional aircraft lenders won't touch it because the total time on the airframe is so much higher than average.
I could care less, personally. If it's sound, then I'm happy to buy it. It was never used as Part 135 so I'm confident that it wasn't beaten up on. The owner was the doctor and he always flew it himself.
That doesn't seem to matter to the traditional aircraft lenders, so I'm asking for help in where to look.
Currently I have inquiries in with BB&T and another local credit union has agreed to finance me for what I need (about 50k) but I'm looking for something other than a balloon loan.
I have excellent credit history, and plenty of reserves, but I'm about out of options for ideas. I've contacted DORR, NAFCO, USAIR, AOPA, Commerce Bank in MA, Zook's, and probably a dozen others that I can't think of right now.
AOPA would do it for 50% down and 10 years at 7% --
Commerce bank is out of the office till Monday and I need to get something solid on Friday.
Thoughts? anyone know the names of some lenders who you think might do an aircraft with high total time?
I booked it estimated through NAAA Evaluator for about 86k.
I have financing lined up, but it's not preferred. It's a 5 year balloon payment loan and I'd just rather not if I could avoid it.
Paying out of pocket isn't an option right now (but maybe in 2 years)
It's a 1980 Piper Seneca II, problem is that it has 12,150 hours total time. It's been very well taken care of, and was flown on about 75 angel flights a year by a retired doctor between the late 90's and 2011. It's still flying today, but not as much. Engines are in great shape, airframe looks to be in great shape as well, and there's no indication that it's time has done it any wrong. No damage history, meticulous logs, etc.
Traditional aircraft lenders won't touch it because the total time on the airframe is so much higher than average.
I could care less, personally. If it's sound, then I'm happy to buy it. It was never used as Part 135 so I'm confident that it wasn't beaten up on. The owner was the doctor and he always flew it himself.
That doesn't seem to matter to the traditional aircraft lenders, so I'm asking for help in where to look.
Currently I have inquiries in with BB&T and another local credit union has agreed to finance me for what I need (about 50k) but I'm looking for something other than a balloon loan.
I have excellent credit history, and plenty of reserves, but I'm about out of options for ideas. I've contacted DORR, NAFCO, USAIR, AOPA, Commerce Bank in MA, Zook's, and probably a dozen others that I can't think of right now.
AOPA would do it for 50% down and 10 years at 7% --
Commerce bank is out of the office till Monday and I need to get something solid on Friday.
Thoughts? anyone know the names of some lenders who you think might do an aircraft with high total time?
I booked it estimated through NAAA Evaluator for about 86k.
