Unfortunately, when a material borrower default occurs, the financing institution is usually the last to learn that there was a problem. AvRisk uses proactive asset management tools to make sure that you have the earliest possible notification that a trouble may be on the horizon, giving you the opportunity to work with your customer to structure the best possible outcome in times of financial distress.
But are you prepared to react immediately to a payment default on an aircraft lease or loan, especially if you have no idea of where the aircraft is currently located? In these situations, time is of the essence and your ability to effectively respond with coordinated action is imperative to mitigating seven figure losses.
In order to effectively gain possession of the aircraft and its records without risk of damage, you need to have a system in place that identifies roles and responsibilities within your organization and outside resources that you can draw on to properly secure your asset and priority position as owner or mortgagee.
If you don’t have the proper processes, procedures and detailed resource contact information, put them in place now! Trying to do so in the midst of a default costs valuable time that you simply do not have when a multi-million dollar, highly mobile asset is at stake.