Outline of Loan Features and Requirements
Fixed rate loans are available for piston helicopters, the R66, and certain “other” turbine-powered. Rates range from 5.3-5.9% piston and 5.0-5.5% for the R66, 4.5%-5.5% for “other” turbine-powered
Most uses are acceptable including pipeline, tours, flight instruction, aerial application and aerial photography.
Amortization periods range from 5-15 years with a 5 year term.
Up to 80% loan to value (LTV) or purchase price whichever is less.
Minimum loan amount is $100,000
Robinson core rebuild financing available
Rate/term refinancing available
Qualifications
- Minimum FICO score 700
- Debt to Income Ratio 36% Maximum
- Debt Coverage Ratio (businesses) 1.25
- Excellent income and cash liquidity required
Loan Features
- Personal, business, flight instruction, aerial application and other uses ok
- All loans are 5 year term with amortization periods of 5, 7, 10, 12, or 15 years
- Maximum loan amount 80% of the value, purchase price, or core + core kit cost, whichever is lower
- All loans are fixed rate with rates between 5.3 and 5.9%
- Time to close is approximately two weeks from receipt of a complete application package
- Escrow is required for aircraft purchase (not required for refinance)
Required Documentation
- Completed Application-click here to download
- 3 years personal Federal tax returns (Federal Only, no state please!)
- Current pay stub
- 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
If Registering to a business
- All of the above plus:
- 3 year’s business tax returns (Form 1120 or 1065)
- 3 year’s financial statements plus current interims (P&L, Balance Sheets)
- Organization Documents (Articles of Incorporation)
- Operating Agreement
- Certificate of Organization (From Secretary of State)
- Borrowing Resolution
- Description of the nature of the business, time in business, use of the helicopter
Insurance Requirements
- Insured to at least the loan amount
- 30 day notice of cancellation clause
- Breach of Warranty clause