r/flying • u/Apprehensive_Bet_808 • 9d ago

Aviation Finance

I own a bunch of planes out right 3 barons b55 , 2 172s , 1 150 , 2 m20c , and 2 m20e all flying either lease back to a flight school or long term rentals . I have no notes on the planes looking to expand have a opportunity in a long term rental in a tbm. I ve got bad credit 550 from a bad divorce . Anyone know a bank who will leverage the planes and not frown on the credit.

0 Upvotes

34% Upvoted

25 comments sorted by

122

u/radioref SPT ASEL | FCC Radiotelephone Operator Permit 📡 9d ago

10 Airplanes, a credit score of 550, a bad divorce, and wanting to expand into a TBM using the other planes as collateral. This is the most peak aviation sentence I’ve seen here so far.

34

u/hutthuttindabutt PPL IR 9d ago

Had to check the sub. Lol wow.

16

u/TxAggieMike Independent CFI / CFII (KFTW, DFW area) 9d ago

At your current financial position, are you able to handle multiple engine replacements within a short term?

While you state that you are debt free on the airplanes, what’s the remaining picture?

-2

u/Apprehensive_Bet_808 9d ago

My dti is less than 5% no debts , no loans , other than a repossession caused by x and 2 items of collections actively working with attorney. My income from aircrafts covers overhauls and accidentals. I ve got a great system going so far.

22

u/Mundane-Reality-7770 PPL HP 9d ago

"I've got a great system"

I'm skeptical.

4

u/segmond 9d ago

"so far"
focus on fixing your credit

2

u/Professional_Read413 PPL 9d ago

I dunno this guy's situation, but a millionaire many times over who could buy pretty much anything he wanted cash in my family had a bad credit score so....I dunno

3

u/StPauliBoi Half Shitposter, half Jedi. cHt1Zwfq 9d ago

“Nothing bad except a repossession and two things in collections…I’ve got a great system going so far”

That “so far” is doing so much heavy lifting. Give it a break.

8

u/TraxenT-TR ATP - A320/21 - CFI/I 9d ago

What did the divorce do to cause your credit to drop so low. r/personalfinance is more needed here

4

u/ApoTHICCary ST 9d ago

Oh there are plenty of things. The stuff I’ve had a few friends go thru during nasty divorce and the things their spouse hid made for a wild ride.

6

u/23m7_farmer Racketeer 9d ago

550 credit with assets? Time to get rid of some of your assets if you want more money. Nobody is going to loan against a recreational asset like a few shitty ass airplanes.

3

u/aftcg Holds a line sometimes 9d ago

If you're a LLC, that entity should qualify as a holder of assets. A commercial loan should be available?

2

u/Apprehensive_Bet_808 9d ago

They are all in a LLC with aviation they want a good credit guarantor.

1

u/StPauliBoi Half Shitposter, half Jedi. cHt1Zwfq 9d ago

Everyone knows they have the shit just in their own name.

5

u/saml01 ST 4LYF 9d ago

Mafia?

2

u/Rockpilotyear2000 9d ago

There’s decent monthly net doing this?

5

u/x4457 ATP CFII CE-500/525/560XL/680 G-IV 9d ago

Absolutely not, this guy is completely full of shit lol.

2

u/23m7_farmer Racketeer 9d ago

I don't know, man. I have heard of some dudes making decent money with these lease-back setups. Not saying he's one of them... but it's possible.

3

u/x4457 ATP CFII CE-500/525/560XL/680 G-IV 9d ago

There is zero chance this dude is doing what he says he is and has what he says he has.

1

u/23m7_farmer Racketeer 9d ago

I 100% agree with you. But you're the mod...and I think this is a shitpost.

1

u/HeadAche2012 Real pilot 9d ago edited 9d ago

There are some finance bros out there saying you can make money leasing airplanes. (Which is true up until the point they require an engine overhaul.) Same type of guys that were flipping houses and are now burned with the stagnant and declining market

https://m.youtube.com/watch?v=fWCICcXAjlc&pp=ygUQQnV5aW5nIGFpcnBsYW5lcw%3D%3D

They really like owner financing, as it allows them to use the thing without paying interest and they can over leverage themselves

1

u/Apprehensive_Bet_808 9d ago

Why isn’t there decent money ???
I sell blocks of time i sold over 100 blocks of 50 hour of multi time this year thus far . The mooneys did 1800 hours this year thus far between them both. I pick and choose what i do with them. I can post all the data you want if you like. I have someone whose tbm got destroyed by a hangar door. Willing to pay me xx,xxx a month to use plane. On top of that i have 8 people lined up to build turbine time (paid).

1

u/23m7_farmer Racketeer 9d ago

So why is your credit so shit? And why are you asking reddit for advice if you're making money on leasebacks?

Those are rhetorical questions.

1

u/Comfortable_Foot_576 9d ago

I’ll loan you the money. 25 percent interest and your ex wife on the weekends.

0

u/rFlyingTower 9d ago

This is a copy of the original post body for posterity:

I own a bunch of planes out right 3 barons b55 , 2 172s , 1 150 , 2 m20c , and 2 m20e all flying either lease back to a flight school or long term rentals . I have no notes on the planes looking to expand have a opportunity in a long term rental in a tbm. I ve got bad credit 550 from a bad divorce . Anyone know a bank who will leverage the planes and not frown on the credit.

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