highfinal
28th May 2015, 13:20
Morning all,
I have a situation that I'm hoping someone can help me with. I'm a part owner of Jet Ranger, we bought it from a wealthy individual and secured a personal loan for 75% of the value from him, at a reasonable interest rate for a period of a few years. The machine is leased to a local operator who generally flies it enough to make the loan payments.
We'd like to refinance the loan with a bank to allow some of the current monthly repayment amount to go towards maintenance costs. We've paid off about 60% of the estimated value, so it's a relatively low risk for an institution to take on, however Wells Fargo told us they only finance personal use aircraft, not ones leased to an operator for commercial use.
Anybody know of a financial institution that would work with this?
Thanks
I have a situation that I'm hoping someone can help me with. I'm a part owner of Jet Ranger, we bought it from a wealthy individual and secured a personal loan for 75% of the value from him, at a reasonable interest rate for a period of a few years. The machine is leased to a local operator who generally flies it enough to make the loan payments.
We'd like to refinance the loan with a bank to allow some of the current monthly repayment amount to go towards maintenance costs. We've paid off about 60% of the estimated value, so it's a relatively low risk for an institution to take on, however Wells Fargo told us they only finance personal use aircraft, not ones leased to an operator for commercial use.
Anybody know of a financial institution that would work with this?
Thanks