Outline of Loan Features and Requirements
Fixed rate loans are available for piston helicopters, the R66, and certain “other” turbine-powered. Rates start at 4.24% (June 1, 2018)
Private pleasure flying only, no commercial use. Aircraft may be titled in a special purpose entity for liability reasons, but it must be the only asset.
Amortization periods range from 5-15 years with up to a 12 year term.
Up to 85% loan to value (LTV) or purchase price whichever is less.
Minimum loan amount is $50,000
Rate/term refinancing available
Qualifications
- Minimum FICO score 660
- Debt to Income Ratio 50% Maximum
Loan Features
- Maximum loan amount 85% of the value, purchase price, whichever is lower
- All loans are fixed rate with rates starting at 4.24%
- Time to close is approximately two weeks from receipt of a complete application package
- Escrow is required for aircraft purchase
- Generally, there are no origination fees. You pay cost of escrow
Required Documentation
- 3 years personal Federal tax returns (Federal Only, no state please!)
- 2 Most recent pay stubs
- Proof of liquidity (bank or brokerage statements for non-retirement accounts)
- Legible copy of Driver’s License
- Spec sheet on the helicopter (or a link to it)
- For core rebuilds, copy of work proposal
- Purchase Agreement
Insurance Requirements
- Insured to at least the loan amount
- 30 day notice of cancellation clause
- Breach of Warranty clause
