Financing a Katmai?!

I'm wondering if anyone has tried to finance there newly built Katmai? I'm looking at spending around 300k on my new toy and was thinking that might be pretty hard to finance on a 1979 airframe without a big downpayment.

I have this thing in my head that tells me that I want to finance it to the hilt instead of paying cash (80-90 LTV). My psycho reasoning here is if I ever go down in the plane, I want the bank fighting the insurance company for their money rather than my estate fighting the insurance company for the their money.

Any ideas?

Hopefully I will be picking up my new 1979 airframe in the next couple weeks. My spot at Todd's place is scheduled for September and we plan on doing the avionics in July. Yes, I'm damn excited if you didn't notice!

Joe Rainey

I know that MBNA has financed our aircraft in the past. Last I knew you can get to them through the AOPA website.

Joe,

I had a positive experience with Dorr Aviation (http://www.dorraviation.com/matriarch/default.asp) for my bird. I worked with Brian Bourett and he made it very smooth. The loan itself is from Eaglemark, a division of Harley Davidson.

Louise

The bigger question on financing for me wouldn't be who to use, but did you find that they would borrow 80-90% of the cost of the bird after all the work? I'm looking at a 300k finished project and wondering if they will go to 240-260k or if they will only borrow maybe half of the 300k since it is still a 1979 bird. If they won't borrow 80-90% of it, then I guess I'll pay cash, but I really don't want to do that if I can help it.

Todd is currently on a plane going to pick up my Bird! I plan on meeting him tomorrow night in Wyoming at my cabin to see it. I'll post some pictures in the next few days. I ended up finding a 1979 with 670TT. Looks to be a perfect specimen.

Joe Rainey

Joe,

IIRC, they allowed the total cost of the airframe and conversion and 50% of the avionics (May 2002). But, they specialize in aircraft financing and may allow more for the Katmai, and it is five years later. Give a call & let us know what you find out.

Your excitement at finding the airframe is contagious!

Louise