LSA Partnership in NE Atlanta

Looking for a partner? No, we're not talking about dating. Partnerships are another way to bring down the cost of flying. Use this forum to find like-minded folks in your neighborhood.

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gtylerdowdy
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Joined: Sat Sep 28, 2019 10:54 am

LSA Partnership in NE Atlanta

Postby gtylerdowdy » Thu Oct 17, 2019 2:16 pm

As January is coming closer and closer, I'm beginning to realize my dream of owning, might not be a reality (for now at least).

My first mistake was finding 'the perfect airplane' yesterday. And going to see it in person, haha. :lol:

In the mean time, I have been calling around to different financial institutions trying to talk through the loan process. About 60% don't finance certified LSAs and 35% want to see that you pretty much have the 80% of the loan amount in your bank account in case anything 'happens'. The best deal I could find was 20% down, which was $16k (I have that) PLUS they wanted to see that I had at least (roughly) $47k in liquid funds in my bank account.

I don't want to come off as negative or complaining. But man, I have a solid down payment, a steady 6 figure income, above average credit, and NO payments besides my mortgage. You'd think I'd be a prime candidate.

Regardless, this wont stop me from pursuing my dream. I will keep pushing and either find someone to work with or hold off until I can pay cash.

If anyone in the area is looking for a partner on a high wing LSA, please let me know. I'd love to buy you a burger, even if it's just to talk about planes :)

Thank you!!
770-344-8691

TimTaylor
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Re: LSA Partnership in NE Atlanta

Postby TimTaylor » Thu Oct 17, 2019 2:40 pm

Home equity line of credit. Also, others will disagree, don't buy an airplane unless your flying budget is $1000 per month or more.
Retired from flying.

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Warmi
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Re: LSA Partnership in NE Atlanta

Postby Warmi » Thu Oct 17, 2019 2:46 pm

I used Pilot Bank - no problem or questions asked whatsoever about LSA or certified etc - that was for about 100k with 30% down and with our 250k combined income.
Flying Sting S4 ( N184WA ) out of Illinois

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foresterpoole
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Re: LSA Partnership in NE Atlanta

Postby foresterpoole » Thu Oct 17, 2019 3:52 pm

Too bad I'm not in your area, I'd love to find a partner in an LSA! Don't worry your not alone, I had the same experience looking for possible financing, wanted 20% down (no problem), then wanted my bank accounts to cover their risk. I was thinking: if I had 100% cash in the first place why would I be inquiring about a loan??? A lot of folks won't lend on LSA's because (and I am paraphrasing a loan officer) they are not a known commodity. If it was a 172 or 150, no problem, but an LSA is not something that actuaries have experience with. Glad you are fighting for your dream and not giving up!
Ed

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drseti
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Re: LSA Partnership in NE Atlanta

Postby drseti » Fri Oct 18, 2019 9:31 am

Your first mistake may be talking to a local bank. Did you check with AOPA? They usually have a pretty good handle on lenders nationwide, and their policies.
The opinions posted are those of one CFI, and do not necessarily represent the FAA or its lawyers.
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JJay
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Re: LSA Partnership in NE Atlanta

Postby JJay » Sun Oct 27, 2019 9:19 am

I ended up getting a loan from my credit union - much easier to work with than banks.
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FastEddieB
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Re: LSA Partnership in NE Atlanta

Postby FastEddieB » Sun Oct 27, 2019 9:35 am

TimTaylor wrote:Home equity line of credit.


In part, that's how I financed a portion of the funds to buy my 2003 factory demo Cirrus. The rest came from selling my Tiger and a Miata. The rate on the loan was very low, and my financial situation guaranteed an early payoff, which I did.

A good option, as long as one has enough income to definitely cover the loan payments.
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