Banterra’s Aircraft Finance division offers three different aircraft loans. To make the process simpler when applying, below is a list of loan options, along with what is required for each:
Standard Full-Underwriting Aircraft Loans
For this loan, in addition to a credit application, a Banterra Aircraft Finance representative will require the following supporting documentation:
- Personal 1040 tax returns with all schedules from the last two years
- Personal financial statement (this may be included as part of the credit application)
- Verification of liquidity from most recent bank and brokerage statements
- If self-employed, business(es) tax returns with all schedules from the last two years
- Most recent profit and loss statement(s) with balance sheet(s) as applicable
- Business bank statements
- Detailed aircraft specifications
Friction-Free Aircraft Loan Program
The Friction-Free Program is an online, simplified loan process for aircraft loans between $70,000 to $150,000 (after down payment of 15-20%.) Differing from the standard loan, this program may not require additional financial documentation, such as tax returns or bank statements. The bank reserves the right to require additional information, should the situation call for such information to be verified.
Asset-Based Aircraft Loan Program
The Asset-Based Program is offered for loans between $150,000 to $1,500,000 and requires a credit application, personal financial statement, and liquidity verification. Additionally, this program does require a much larger down payment, but it may eliminate the need for full-underwriting-required items such as tax returns, business profit and loss statement(s) and balance sheet(s).
If you're interested in purchasing an aircraft, Banterra Aircraft Finance offers nationwide lending from a team of aircraft finance experts. Click the button below to start your application today.
July 12, 2023 by Banterra Aircraft Finance
