Aircraft Loan, Bank or Lender General

Requirements Checklist

Banks, lenders and finance companies provide aircraft financing to

corporations and individuals. There are entities who offer loans for

experimental aircraft, kits, vintage, piston, jet and turboprop aircraft

without any age restrictions. There are loans available for upgrades

and overhauls.

To help the process go smoother with your bank or lending instituation during an aircraft purchase, use this CHECKLIST to prepare in advance the documents and items most likely needed to process your loan.

GENERAL REQUIREMENTS:

• Completed aircraft loan application for each applicant or guarantor. • Copies of your last two years federal tax returns for each applicant or guarantor. • Aircraft specification sheet, unless applying for preapproval. • Aircraft insurance binding including breach of warranty or lenders interest endorsement insurance naming your lender as the loss payee. • Evidence of aircraft pre-purchase inspection. • Title search. • All necessary and appropriate signed loan documentation. • Bank or Lender may require copies of log books and photos of the aircraft. AERONUVO can provide this service. • Bank or Lender may require an appraisal. AERONUVO, The Aircraft Appraisal and Valuation Company can deliver a certified aircraft appraisal. • Current year-to-date pay stub. • Copy of signed purchase agreement.

IF YOU ARE SELF EMPLOYED:

General requirements above, plus:

• Last two years of your business federal tax returns. • Most recent balance sheet and income statement for your business.

IF YOU ARE A PARTNERSHIP:

General requirements above, plus:

• Last two years of partnership's federal tax returns and K-1's. • Copy of partnership agreement.

IF YOU ARE A CORPORATION:

General requirements above, plus:

• Last two years of business federal tax returns. • Last two years financial statement. • Current year to date balance sheet and income statement. • Articles of incorporation. • Corporate by-laws. • Personal guarantees by the major stockholder for all loans to closely held corporations.

Our Portfolio of Services

AERONUVO, The Aircraft Appraisal and Valuation Company provides competent, impartial, objective and independent valuation for buyers, sellers, banks, financing, leasing, underwriters, insurance adjusters, corporate flight departments, domestic and foreign corporations and individual owners. Our services also determine aircraft fair market property value to support purchases, sales, financing, legal proceedings and charitable contributions. Our portfolio includes single engine pistons, light and cabin class twins, single and twin engine turboprops, business jets with 10 seats or less and vintage aircraft. Our fees include IRS Form 8283 for Noncash Charitable Contributions, if requested. AERONUVO Aircraft Appraisals are sometimes requested in divorces, business loans, estate evaluations, partnership buy outs, or other situations. AERONUVO can deliver a professional opinion and appraisal report of the present market value price on an aircraft, the value on an aircraft to be renovated or modified and the value of an aircraft as a prudent safeguard against excessive tax assessments, capital gains and other taxes. Our Premier and Certified Aircraft Appraisal Services include Aeronca, Aero Commander, American Champion (ACA), American General, Aviat Husky and Pitts, Beechcraft (Beech), Bellanca, Citabria, Cessna, Cirrus, CubCrafters (Cub Crafters), DAHER SOCATA, Diamond, Ercoupe, Glasair, Great Lakes, Grumman American, Lancair, Luscombe, Maule, Mooney, Piper, Rockwell Commander, Stinson and More. AERONUVO provides its customers with our unique and customized aircraft appraisal services at many airports in some instances with no added cost in the states of Virginia (VA), West Virginia (WV), Pennsylvania (PA), Maryland (MD), Delaware (DE), North Carolina (NC) and New Jersey (NJ). Contact us to arrange your consulation today.

single engine propeller aircraft for appraisal

business jet ready for an aircraft appraisal

Facts About Banks and Asset

Based Lenders

Knowing the Value of an Aircraft by

Make and Model is Not Sufficient

Each year members of the National Aircraft Appraisers Association assist financial institutions as billions of dollars in new loans are originated involving the purchase, re-financing, and/or maintenance and updating of aircraft. In addition to appraising these airplanes for the original financing or refinancing NAAA members are often instrumental in helping bankers track their portfolio of collateral during the terms of their loans. National Aircraft Appraisers Association members independently appraise aircraft and give advice to lenders concerning escrow reserves for maintenance and other sensitive areas which affect the aircraft being used as collateral. Operating under the Uniform Standards of Professional Appraisal Practice (USPAP) our Senior Certified Aircraft Appraisers with a USPAP Endorsement write comprehensive reports that detail subject aircraft thoroughly for the purpose of collateral definition at the time a loan is made. Knowing the value of an aircraft by make and model is not sufficient to establish fair market value, collateral value, or other loan parameters. Lenders need information about the general condition of the aircraft, its maintenance schedule, avionics inventory, and its support systems which materially affect the value. Only a complete appraisal, which always includes a visit to the aircraft by an NAAA member, will insure that the aircraft is indeed what the banker has been led to believe it is. We are open for business 7 days a week, 7:00 AM to 9:00 PM Eastern Standard Time. As always, our consultations and advice are free with no obligation. It’s all part of our superior aircraft appraisal services.