Closing Checklist Overview
Once your application has been approved, it’s time to move to the contract phase of the closing. We know pilots love their checklists so we have provided one below which can also be downloaded.
The quicker we can obtain these documents, the more smoothly the process will go, and the happier everyone is.
In addition to the loan documents sent to you by our Loan Coordinator, which will need to be printed out, signed and mailed back to our office, we also require these items prior to closing. This is a guideline for a standard transaction. On occasion additional documents are required.
Timeframes for your closing
Planning ahead always takes the stress out of the process
The total timeframe from application to closing usually takes between 5–7 business days so knowing this can alleviate some of the pressure. Once we receive a complete application, the application process can take between 1–3 days and then obtaining all of the necessary closing documents can take 3–5 days depending on many different factors.
More specifically we’ve outlined the standard timeframes and the process below. Of course there are always unexpected bumps in the road which can extend the timeframe but we always do our best to avoid these as much as possible. Our goals always align with yours: ultimately we all want an accurate and timely closing.
Application
From the time we receive all of your necessary documents to apply it usually takes between 1–3 business days. The more complete your application package is including all documents submitted in PDF format, the quicker the turnaround.
Approval to Contracts
This can be same day depending on the timing of the approval and if you have already found your airplane. If you haven’t already, you should send the purchase agreement, the spec sheet and any corporate information if you are putting the loan in an LLC or corporation (operating agreement, articles of organization, certificate of formation, IRS EIN forms, etc.) to your loan officer.
Contract Process
We send you a link to your contracts and you DocuSign them. Generally this takes most clients 1–3 days. During this process you can be sending us all of the supportive documents for closing so that we are ready to move forward upon receipt of your contracts. For a listing of these specific documents, see our closing checklist overview.
Closing
Upon receipt of all of the necessary closing documents and a clear title, we can perfect a closing in 1 day. Our lenders have a wire cut off time of 2:00 EST. The FAA has a closing cut off time of 4:15 EST.