Aircraft Loan Checklist

What You Need to Apply

  • First American Bank is committed to providing loan applicants with a decision within 3 BUSINESS DAYS of receiving all documentation as outlined below. Always provide more information rather than less.
  • Signed Application with Personal Financial Statement
  • Prior two years of personal tax returns
  • Current year-to-date paystub
  • Annual financial statements and / or tax returns for the previous three fiscal years for corporate entity borrowers
  • Verification of deposit / liquidity for down payment proposed (e.g. a copy of your bank or brokerage statement)
  • Aircraft spec sheet
  • Photos of the aircraft including at least one full aircraft exterior with N number and one interior with the panel

What You Can Expect with Your Application

  • Within 24 hours of submitting the completed application, we will contact you to arrange collection of financial information and/or any additional documentation needed
  • A credit decision will be communicated to you within 3 business days from submitting the application, assuming all financial information has been provided
  • Once you have accepted the loan terms, the bank will proceed with ordering required documentation
  • The bank will coordinate closing details with you and may use an escrow service to close and fund the loan
  • Once the loan documents are signed and all signatures are verified, the loan funds will be disbursed
  • Please feel free to contact Kent Peterson by phone at 833-408-2524 or email at at any time to discuss your loan application.

What You Need to Close

  • Executed purchase agreement
  • Pilot’s Certificate
  • Medical License
  • Ownership documents (e.g. Corporation or LLC paperwork) including by-laws or operating agreement and tax ID
  • Copy of pre-purchase inspection or annual inspection (if completed within 45 days)
  • Copies of the first engine and airframe log entries and copies of the current annual inspection airframe and engine log entries
  • Certificate of Insurance to include lienholder endorsement prior to closing
  • Payoff letter with per diem and wire transfer instructions from existing lienholder
  • Executed FAA Bill of Sale and Aircraft Registration Application
Apply Now