Father Son duo buy Piper Malibu Matrix – Aviation finance

Chris has owned three Piper products prior to this one. In fact, he co-owns all pre-Matrix planes with his father, who is also a pilot. I asked him what inspired them both to get their licenses around the same time.

“It’s a funny story,” Chris told me. “Dad was one of those guys who, in his twenties and thirties, always said, ‘I’m going to take my license. I will get my license, but I never did. When Chris finished his freshman year of high school, friends asked him what he wanted to graduate the following year. He told them he wanted his pilot’s license.

This spark ultimately motivated his father to do the same. The last plane they owned together was a Saratoga. Due to family and work obligations, Chris went from 60 flying hours per year to less than 30. Since that was less than half of his personal minimum of 60 flying hours per year to justify ownership, he sold the Saratoga and leased the Mooney’s to a local Des Moines, Iowa, FBO. “I liked it, but the Mooney is not a practical plane for my family of five.”

As Chris’s children grew older, it became more realistic to think about buying a plane again. The appropriate partner showed up as well, with similar times and similar aircraft performance needs. “One thing led to another and finally we bought the Matrix.”

While the Matrix was the logical step in Saratoga for Chris, how to acquire one was no easy matter. He had not been involved in an airline partnership for more than two decades and had never been the leader of the transaction. He therefore turned to AOPA Aviation Finance to help him co-pilot the agreement.

“Once we located an aircraft and felt comfortable with how we were going to pre-purchase and what we were going to do, and the LLC was ready to go, I hired AOPA Aviation Finance. They were wonderful.

What sold it on AOPA Aviation Finance? His membership in AOPA meant that the advice he sought was free. He knew from AOPA’s reputation with lenders that they would all be trustworthy.

Chris was convinced he could have gone to a local lender with whom he had business loans. “I could have gotten a reasonable rate of interest in this market, ”he said. “But I also knew I was going to be dealing with someone who didn’t really understand the ins and outs of airplane ownership either. And I knew that if I went to AOPA, they would already have checked and searched for a financial partner who knew the ownership of the planes. “

Chris performed very well on a 20 year loan at 3.99%, down 15% from the negotiated price of $ 415,000.

If you need help transitioning to your next plane, please contact AOPA Aviation Finance. We’re here to help AOPA members through the fundraising process.

Very good advice. Excellent rates. Helpful and responsive representatives you can trust. Three good reasons to turn to AOPA Aviation Finance when buying or refinancing an aircraft. If you need a reliable source of funding with people who are by your side, just call 800.62.PLANE (800.627.5263) or click here to request a quote.

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