The company is one of the largest fully integrated mortgage providers and servicers in the country, holding licenses in more than 40 states. Located in California, they offer lending/mortgage servicing operations and an affiliated real estate brokerage company with originations over $1 billion and servicing portfolio of over $10 billion.
The customer was purchasing a new Global XRS well below the market value and needed a lender to fund their contemplated equity. The credit was very complex with dozens of subsidiaries, LLC’s, and affiliated entities. As a result of this complexity, the financial statements of the company did not clearly reflect the company’s operations. The customer also had a firm, tight deadline or they would lose the great purchase price and “hard deposit” to the aircraft broker’s building list of backup offers.
First National’s Aviation Division understands aircraft values and the aircraft market allowed the customer credit for the below market purchase price and the additional equity. We also spent the time to really listen to the CFO, going over the detailed story of the company from 2008 until the present. It was imperative to understand this story and find out how it affected the cash flow in order to secure the credit approval. Most other banks would have just looked at the historical financial statements and declined. At First National, it’s not just where you’ve been, but where you’re going that gets the deal done.