ATLANTA -- Dave Madden, President of Aircraft Banking Centers Inc., announces the formation of Professional Aircraft Lenders Association (PALA), a group founded to help assure aircraft lending alternatives to consumers 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 percent of all general aviation aircraft loans generated annually. PALA Associate Bank Members that provide aircraft finance are FDIC-insured.
“PALA Members are a seasoned group of aircraft finance professionals,” says 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,” says 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.”
PALA Members have nurtured financial resources over decades so individuals or small companies seeking aircraft financing need only make a single phone call to any PALA Member for access rates and customer service.
“Our association is made up of seasoned lenders in the industry, who are also pilots and have more than 10 years of experience in the business -- most have more than 25 years of experience.” says Mitch Loiselle, President of Freedom Aero Credit and a founding PALA director. “PALA has established strict member guidelines and an ethics code, which will be enforced by our Board. We can assure clients that they will receive unequalled service by professional and knowledgeable lenders and set a new standard in the industry for customer service in aircraft finance.”
For more information visit www.pala.aero.