Garmin 430W and notes from 4/08/09 meeting

[toddmbs@yahoo.com]

I think it was the "act as a bank" part that was confusing me.  Other than just making the payments on an existing note, I didn't see how EE could play the bank when there is a lot of work to do on 976 and it has to be paid for.  Tim is just going to have to spell out exactly how this transaction can work.  And Tim usually gets right to the point.

Also, I will propose a meeting on Wednesday again.  It seemed to work easily for us last week. I am available.  I have a few scenarios for how to set up the initial club buy-in. They mostly depend on the number of interested members and the financing options available.

Bob, perhaps when you send out the first e-mail introducing yourself to the interested group list (on the next clear sunny flying day), you can ask them respond so we can get a solid number of potential members.

Todd


--- On Thu, 4/9/09, Bob Irving <rhirving at verizon.net> wrote:

From: Bob Irving <rhirving at verizon.net>
Subject: RE: Garmin 430W and notes from 4/08/09 meeting
To: "'James Carlson'" <carlsonj at workingcode.com>
Cc: eefc-core at workingcode.com
Date: Thursday, April 9, 2009, 4:13 PM

Unfortunately, some of the detail is being forwarded through Sean. As
mentioned, I'm trying to get specifics from Tim but he's off all day
 today.
We will get to the facts shortly.

Bob

-----Original Message-----
From: James Carlson [mailto:carlsonj at workingcode.com] 
Sent: Thursday, April 09, 2009 3:58 PM
To: Bob Irving
Cc: eefc-core at workingcode.com
Subject: RE: Garmin 430W and notes from 4/08/09 meeting

Bob Irving writes:
> As I understand it, the simplest way to do this would to make an outright
> purchase of 976 from Eagle East. This is how Tim wants to do it as I
> understand. Say the price tag EE comes up with was $45,000. We would need
to
> finance this amount through an aircraft lender. The lender would probably
> require a 10% down payment - say $4,500. The balance of $40,500 would be
> financed over a period of time
 - say 10 years at a specific rate of
interest
> - say 8%.  At the closing, Tim's existing note would get paid off and he
> would obtain and transfer title to EEFC.  He keeps whatever "extra" equity
> comes out of the deal. Most likely, the lender will require either a
> personal guarantee from club officers OR a guarantee from a business
entity
> - like Eagle East. Maybe both.    

That doesn't match my understanding, so we do need to sync up with
Tim.  I had thought he was offering to "act as the bank" if we go with
976.

-- 
James Carlson         42.703N 71.076W         <carlsonj at workingcode.com>

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