Airpark Home Question

[dweyant]

Help please!

I was less than 10 days from closing on a house in an airport community.

Got a call from the loan officer this morning and was told that they would not be able to loan on the property because it is an aviation community that requires one of the property owners to at least have a solo endorsement.

Can anyone tell me, is this common? Any ideas how I can convince another lender that this isn't uncommon (is it?).

Any help or suggestions would be appreciated. Obviously time is of the essence on this. We are closing on the house we are selling on 11/6.

-Dan

[g zero]

Did you read ALL the covenants and restrictions ? You Should . What else can or cannot do there ? Do your homework , could save you a big headache .
Tom

I was looking at an airpark , too bad they spent ALL the reserves on a bad lawsuit with the developer over runway ownership . ( over $850,000 !)

[LifeofReiley]

Dan... CCE POA requires it and its in the bylaws/restrictions for the subdivision. Kyle at Genesis @ GTU can hook you up with an instructor, I believe a student license will be enough. The POA does this for obvious reasons... trying to keep the non-aviation folks OUT.

[dweyant]

Originally Posted by g zero

Did you read ALL the covenants and restrictions ? You Should . What else can or cannot do there ? Do your homework , could save you a big headache .
Tom

I was looking at an airpark , too bad they spent ALL the reserves on a bad lawsuit with the developer over runway ownership . ( over $850,000 !)

I've gone over the restrictions, and I was aware of this requirement. I'm instrument rated so it isn't an issue for me, and I didn't think it was a big deal.

The issue is, the lender is refusing the loan because they are afraid it will negatively impact resale value.

[LifeofReiley]

Dan, I have a lender that can handle the deal for you since you are licensed. PM me with your email addy.