Piper Financial Services has three types of loan programs available for loans above $1,000,000.

1. Variable
   
• Up to 15-year amortization with a 10-year term tied to 30-day or 12-month LIBOR.  Rates in this program are variable but the payments are fixed for the term.  Additionally, the rate can be fixed after the first year with the amortization matched to the down payment.  There is a prepayment penalty in the first 3 years that can be waived if a client finances their next purchase with PFS.  This program is ideal for the buyer looking for the lowest possible interest rate and the lowest monthly payment.
2. Adjustable
   
• Up to 20-year amortization with a 6-year term (balloon), initial rate is locked for the first three years followed by a 1-time rate adjustment beginning in year 4.  As outlined in the Personal Use section, this program is ideal for buyers who will be "stepping up" or paying off within the first 2-5 years.
3. Balloon
   
• Up to 20-year amortization with a 7-year term.  Ideal for clients who looking to lock the rate on larger loans for the longest possible term.
4. Fixed. 

• Typically up to 20-year amortization with a 20-year term but 25-year terms are available.  Rates in this program are locked in for the full period (i.e. 20/25 years).  This program is ideal for the buyer who wants to comfort of a 20-year lock program and does not want to gamble with the rates or maybe buying their last airplane.

Underwriting can take longer with larger and more complicate transactions.  It is best to plan 5-7 business days for transactions in this category.

Not sure which program is for you?  Call us and we would be happy to walk through the benefits of the various programs.

Please call 866.427.4737 for the current rates for the above programs, as they change regularly.