My son as found a Bonanza that he really likes and is affordable to him. Struck a deal with the owner, got insurance and financing. From what I understand he went through AOPA for the financing, and they directed to to a company (I don't know which one). He was approved and sent a $5,000 non-refundable deposit. This gave the seller a piece of mind and took the plane down from advertising. He then sent the loan company another $5,000 as down payment. Now, three weeks later the loan company tells him they aren't going to release any money because the engine is 400 hours from overhaul, and it's last overhaul was in the '80's. Aircraft is due for an annual in November.
Can anyone give advice on what his next step should be? Since it's the loan company is "backing out of the deal" should he get the $5,000 non-refundable deposit back? Find a new loan company, and start over? Hire a lawyer to force the loan company to release the funds?
Thanks for any guide line.