When applying for a loan with PFS, the following overview will give you an idea what you should expect through the process.

Application & Approval Process

• Complete the application and forward to PFS, via mail, overnight express, or fax, together with supporting information listed on the Financial Information Requirements Sheet (i.e. aircraft specifications, if available, 2-3 years tax returns for business or individual purchasing aircraft- include all applicant(s)/ guarantor(s) information).

Mailing Address:                                                                            
1005 Sycolin Road                                                          
2nd Floor
Leesburg, VA 20175

Fax: 703.777.3854

E-Mail: loans@PiperLoans.com

• Upon receipt, PFS will review the application and will contact you with any questions in reviewing your credit package, financial statements, and tax returns.
• The turnaround timing will typically depend on the size of the transaction, utilization of the aircraft, and complexity of the financing package.
• For Personal or Personal Business use aircraft, NPFS will generally complete the underwriting process in 1-2 business days.
• For Commercial use (including leaseback) aircraft, PFS will generally complete the underwriting process in 2-3 business days.
• For larger or more complicated transactions, the underwriting process may take 3 or more business days.

Closing Process

Generally, closing takes two business days- one day to prepare and overnight documents to the client, and one day for the client to sign and return the documents.  PFS includes a prepaid, pre-addressed overnight return envelope to expedite the process.  The following is a brief overview of the loan closing process, or you can select the "closing" tab on the left side of the page to see a more detailed overview.

• PFS will conduct a title search on the aircraft.
• PFS forwards the closing package via overnight FedEx for signing by Purchaser/Guarantor together with a closing document instruction sheet.  Documents may include Loan and Security Agreement, Chattel Mortgage, Authorization to Release Funds, Insurance Requirements, FAA Documentation (i.e. Bill of Sale, FAA Registration) or any other required documents.
• Closing documents need to be signed, notarized (where noted) and returned, along with a check to PFS for the documentation and closing costs.
• PFS wires the loan amount to the seller or lien holder, as designated by the buyer, upon receipt of documentation and authorization.  Buyer makes the down payment to the seller.

Post Closing Activities

The following is a brief overview of the post-closing process, or you can select the "Post Closing" tab on the left of the page to see a more detailed overview.

• PFS submits FAA documentation to the FAA for filing (Registration, Bill of Sale, etc.).
• PFS copies and forwards a complete set of documents for your records.
• PFS conducts post-sale title search to verify proper title and forwards a copy to you for your records.