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.

FMI: www.pala.aero