What if the plane loan doesn't take off?(MAILBOX)(business credit)(Brief article)

From: ABA Banking Journal | Date: January 1, 2008| Author: Callaway, Leslie | Copyright information

Q. We have a client who wants to purchase an airplane. He is forming a business entity to own it, and the credit would be directly to this entity, with his guarantee. The entity itself has no revenue, however, and we would use the client's personal income, which exceeds $I million, to qualify the loan. Is this considered a large business, small business, or personal loan request? We must determine if a written adverse action letter will required if the loan is denied.

A....

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