When applying for a standard, full disclosure aircraft loan, lenders will require the following supporting documentation in addition to a Credit Application:  1.) Most recent last two years personal 1040 Tax Returns with all schedules 2.) Personal Financial Statement (this may be included as part of the Credit Application)  3.) Liquidity verification is most recent bank and brokerage statements (retirement account statements do not count towards liquidity as they are not subject to claims of creditors)  4.) If self-employed, most recent two-year business(es) tax returns with all schedules 5.) Most recent Profit & Loss Statement(s) with Balance Sheet(s) as applicable  6.) Business bank statements  7.) Detailed aircraft specifications. As indicated, items required are similar to those when applying for a mortgage, however the turn-around times for aircraft loan decisions are generally within 1-2 business days upon lenders receipt of a full loan application package.

In addition to offering standard full underwriting loans, Banterra Bank’s Aircraft Department also offers several unique industry aircraft loan programs including a “Friction Free” on-line simplified loan process for aircraft loans between $70,000 to $150,000 (after down payment of 15% - 20%).  The industry exclusive product does not require tax returns, bank statements, a personal financial statement or business information.  Credit decisions under the “Friction Free” Program are generally made within hours of receipt depending on application volume and workflow timing.  Decisions are based on a matrix of several key items including, credit score, reported income, debt to income ratio, remaining cash reserves after a down payment, and prior installment loan credit history to name a few.

Another industry unique product is Banterra Bank’s “Asset Based” program which is offered for aircraft loans between $150,000 to $1,500,000 and only requires applicants to provide a Credit Application, Personal Financial Statement and liquidity verification (most recent bank/brokerage statements on accounts 100% controlled by applicant).  Decisions are based on credit score and credit history items, remaining cash reserves after the down payment, net worth of applicant and quality of the aircraft collateral and value.  While the Asset Based Program does require a much larger down payment, it eliminates the need for full underwriting items such as tax returns, business profit & loss statements, and balance sheets. Please note that the bank reserves the right to require additional information or verification at its discretion.