REFLECTOR: Construction loans

[Stockman, Bill]

There are several banks that finance homebuilts-expecially if they are kits from established companies like Velocity.
However, I found that most wanted a short term loan-five years with a balloon at the end.
They want you to hurry up and finish-otherwise they have nothing but a pile of parts to repossess.


Bill Stockman
Senior Associate
Dayton Aerospace, Inc.

937.426.4300  Office
937.369.4799  Cell
bill.stockman at daytonaero.com<mailto:bill.stockman at daytonaero.com>
www.daytonaero.com

From: reflector-bounces at tvbf.org [mailto:reflector-bounces at tvbf.org] On Behalf Of Peter Braswell
Sent: Friday, May 04, 2012 9:32 AM
To: Velocity Aircraft Owners and Builders list
Subject: Re: REFLECTOR: Construction loans

Lawrence,
Way-back-when I financed my Glastar kit as a new purchase from the factory.  Back then it was easy but times have changed and I don't know if that's still the case.  I don't recall the bank that I went through but it was a standard loan process with just a few aviation specific details.  They insisted that I reserve an N-number, produce a bill of sale and carry hull, not in motion insurance.

-Peter

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On Fri, May 4, 2012 at 9:20 AM, Lawrence Epstein <ljepstein at hotmail.com<mailto:ljepstein at hotmail.com>> wrote:
Does anyone have any experience on obtaining financing for an unfinished project?

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