Question: I own a 1960 Cessna 182 C with numerous avionics and interior upgrades. I currently own the aircraft outright. Is it possible to do an initial financing now to cover the cost of an engine overhaul? Based on V Ref - I would estimate the value of my airplane to be about $85-90 K and I’d want to borrow about $40-50 K. to finance the engine overhaul and accessories. Of course, that would increase the value of the aircraft to well over 100k. I’d appreciate your advice on this.
Answer: Yes, we would have options for financing upgrades. We will prepare a valuation on the aircraft as is and a second valuation with the proposed upgrade(s). You can borrow up to 85% of the new higher value. Funds will be held in escrow until completion of the installation and then disbursed directly to the shop or A&P. The aircraft will be used as collateral and a lien will be filed at the FAA. Please feel free to give my team a call at 800.627.5263 so we can discuss your specific situation further.
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