The process involved in buying an airport hangar and getting your loan approved for one is important. A hangar purchase agreement is necessary to ensure that the financing process runs smoothly and on time. These contracts provide a buyer with security, peace of mind and a variety of warranties. These contracts are an affordable and easy way to purchase an aircraft hangar. They also ensure that the seller meets all your expectations. Should you have virtually any queries concerning wherever and how you can utilize AIRCRAFT HANGAR LOANS, it is possible to email us from our own website.
An aircraft hangar can be described as a place where an aircraft can be stored. Usually, it is leased from an airport owner. However, hangars can also be built on a piece of land that has been purchased. While you might be able to construct your own hangar on your land, the process of construction will require extensive planning and support from an engineering consultant.
Airport sponsors may allow hangars to be rented for non-aeronautical uses. Non-aeronautical purposes include aircraft repair and maintenance, storage of aircraft materials, tools and other equipment, and storage of materials related to aeronautical activities. Temporary use of non-aeronautical materials is permitted for periods of 3 to 5 years. Sponsors may request FAA approval to lease hangars for non-aeronautical renters on a month to month basis.
Before a hangar can be leased to a non-aeronautical user, the sponsor must charge a fair market rental rate for the …