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

[James Carlson]

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>