Tue, Nov 11, 2008
PALA Members Offer Options While Lending Markets Are
Restricted
Several aircraft lenders across the
nation formed last week the Professional Aircraft Lenders
Association (PALA), announced Dave Madden, President of Aircraft
Banking Centers, Inc., and founding director of PALA.
The chief function of PALA is to help assure aircraft lending
alternatives to consumers during this particularly difficult
economic period when lending is restricted. PALA members are not
banks, but are independent aircraft finance resource companies that
arrange finance products for consumers in the market for general
aviation piston and turbine, fixed wing aircraft and helicopters
for personal or corporate use.
Collectively, PALA Members account for nearly 50% of all general
aviation aircraft loans generated annually thereby giving PALA a
powerful voice with lending institutions. Additionally PALA
Associate Bank Members that provide aircraft finance are
FDIC-insured.
"PALA Members are a seasoned group of aircraft finance
professionals," said Madden. "Each PALA member has between 10 to 35
years experience. Collectively PALA accounts for approximately
$250,000,000 in aircraft loans each year. As you can imagine, PALA
members have very strong relationships with banks, and our volume
of business gives PALA the ability to negotiate the most favorable
financing rates and terms in the industry."
"Due to the current economic conditions, many banks have
increased down payment requirements, shortened amortization
periods, or gotten entirely out of aircraft finance," stated Wally
Zook, Chairman of Wally Zook and Associates Aircraft Finance Corp.
and a founding PALA director. "PALA selected several top-ranked
FDIC-insured banks that are not suffering the current liquidity
problems as Associate Bank Members. Thus, we can assure ongoing
credit access for qualified individuals in the market for new and
pre-owned aircraft."
Individuals or small companies seeking aircraft financing need
only make a single phone call to any PALA Member for convenient
access to the best rates and customer service available rather
spending days trying to find a bank that will accommodate their
financial needs.
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