|PlaneSmart! Announces Aircraft Share Financing With T Bank|
|Shares of Top Line Cirrus Aircraft Now Easier to Attain|
|Tuesday, November 6, 2007 10:00 am|
Dallas (November 6, 2007) PlaneSmart! Aviation announced today the signing of an agreement with T Bank, a preferred lending institution that will offer various financial products to purchasers of PlaneSmart!’s fractional aircraft shares. The arrangement provides funding for the share without collateralizing the airplane, a key stumbling block that has made fractional share financing difficult in the past.
“We are pleased to see the unique nature of Professionally Managed Shared Ownership (PMSO) programs like ours be accommodated by the mainstream financial community,” said Jeffery A. Cullen, President of PlaneSmart! “In a fractional share environment, you want your airplane free of liens and encumbrances, and this agreement allows us to accomplish both while making shared ownership more attainable to many. Owners can now buy into a $550,000 aircraft for as little as $12,500 down and around $1,570 per month.”
T Bank’s President, Patrick Adams, says “we are excited about our agreement with PlaneSmart! and the opportunities it provides our bank and our clients. Providing top level service to qualified borrowers is the cornerstone for our business, and accommodating the aviation community not only is an extension of our current business plans, but makes good financial sense.”
About T Bank
T Bank is a full service commercial bank headquartered in Dallas that offers a broad range of commercial and consumer banking services to small and medium sized businesses, business owners, professionals and individuals. T Bank competes on the basis of the quality and variety of its products and services, and providing such through an attentive and highly trained staff and through an efficient use of technology. For more information, contact a representative at 972-720-9000 or visit http://www.tbank.com.
PlaneSmart! provides shares of top-rated Cirrus SR-22 aircraft at a fraction of the cost of sole ownership. Customers enjoy a full-service, red carpet experience as their “management company” takes care of all the ancillary services for maintaining and caring for a plane, such as storage, fuel, scheduling, maintenance, and insurance. Cirrus aircraft are known for their all airframe parachute system to increase safety, fully advanced glass cockpit avionics, and a plush leather interior that offers the ultimate in style and comfort. For more information, visit http://www.planesmart.com or call 866-264-2569.