The newly public AvantAir has recently partnered with Century Bank to offer a financing package for fractional aircraft buyers.
The Avanti P180, that AvantAir operates, is a turboprop that offers the speed of many light jets with the cabin room of a mid sized jet. It can fly non stop from New York to Chicago, Miami or Atlanta, with a cruise speed of 450 mph.
Fractional ownership starts at 1/16 share (= 50 hours) for $415,000 plus a monthly management fee of $8,900 with no hourly operating fee. The service area includes US, Canada, Caribbean and Mexico. The new financing package is available as a variable rate program.
"We are pleased to offer a financing option for those considering fractional aircraft share purchase. It is a good alternative way to purchase a fractional share and reap the many benefits of private air travel. Century Bank provides a fine finance program from which our new owners will benefit." said Steven Santo, CEO of Avantair.
Financing packages for fractional products are becoming more widely available. Last month we reported on the availibility of fractional mortgages for buying into private residence clubs.
Editorial update: Avantair filed for bankruptcy in 2013.