Quote:
Originally Posted by Dantilla
FBO where I took my lessons is planning a new maintenance hangar.
Bank is requiring a ground lease five years longer than the term of the loan.
Other than that, a fairly standard commercial loan.
I have a lot adjacent to my local airport on a taxiway.
Not residential, not commercial, just a hangar for me.
My banker said they would finance it as a commercial loan.
I don't want to borrow money.
I had quite a bit of cash when another real estate opportunity came my way, so that blew up my hangar budget.
Guess I'll stay happy at my smaller hangar farther away that I own outright.
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Thanks, the different lenders I’ve talked to wants nothing to do with it. I’ve been told to take a home equity or pull from a 401K, both options I don’t want to do. I’ll probably wave as this opportunity passes by. The hangar has been out of lease for three years and our county is a PITA with regards to the airport. They truly think and have go on public record saying that everyone here is part of a special little yacht club. Mrs Bugs n I have been working hard to pay down the mortgage on the house.
The hangar idea was a thought.
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