AIRCRAFT HANGAR LOANS

AIRCRAFT HANGAR LOANS are available to airports who are interested in building a new hangar. This is a great opportunity for an airport to own their own hangar for up to 25 years. The lease then becomes airport property, which can be rented out to tenants. There are a few things you should know about aircraft hangar loans. If you could try these out have virtually any questions concerning in which and how to work with AIRCRAFT HANGAR LOANS, you can email us on our own website.

A hangar loan is only available to airports that have been licensed. They must also have a Capital Improvement Plan (CIP) in place. This plan lists all possible projects that could be done at the airport. A basic drawing of the airport’s hangar site must be included on an approved airport layout plan. MnDOT staff will check the project’s design and construction to ensure the plan meets the program’s requirements. It must include an estimate of the cost. When the hangar is completed, MnDOT staff will perform a final inspection.

MnDOT must receive a request letter from airports interested in the program. The letter must include a basic drawing of the hangar site, and a rough estimate for the cost of construction. MnDOT will add your project to its hangar loan program wait list if the project is approved. Once the project reaches the front of the line, MnDOT staff will notify the airport sponsor of the loan request. The project is now eligible in MnDOT to receive hangar loan funds of up to 80 % of its construction cost. The community applying for the loan is responsible for the remaining 20 percent.

The airport can receive a hangar loan but there are other options available to them for funding. For example, Banterra Bank offers a variety of innovative general aviation aircraft financing programs. Banterra Bank offers asset-based loans that require no tax returns and limited personal guarantees. Banterra Bank also offers pre-approvals for up to 90 days at no cost. Banterra Bank’s interest rate is not higher than traditional full-disclosure loans. Banterra Bank has asset-based loans available starting at $100,000 to $1,000,000.

Airports may also be eligible for the State Hangar Loan Revolving Account program. This program allows for a 80% interest free loan for hangar construction. Over a period of 20 years, the funds will be repaid in equal monthly payments. If other airport sponsors are interested in building hangars, the hangar loan funds may be lent to them.

An aircraft hangar purchase agreement is a good way to protect yourself against unrecorded interests. It is a good idea to include the following information in the purchase agreement: who the buyer is; who is purchasing the aircraft hangar; a list of personal property being sold; and the purchase price. This will avoid any confusion and help ensure a smooth close. It should be stated in the purchase agreement whether the buyer will be an individual or a company.

The agreement to purchase an aircraft hangar provides recourse if the seller fails to perform. It is a thrilling and lucrative business, but there are some risks. When you have any sort of questions regarding where and ways to utilize AIRCRAFT HANGAR LENDING, you can call us at our web site.