08/04/2011
SinglePoint Launches Aging Aircraft Finance Product
SinglePoint Aircraft Finance (SinglePoint), an AGC Aerospace & Defense company, recently completed a refinancing transaction on a 1977 Cessna ISP to commemorate the launch of its Aging Aircraft Finance program.
The age of the Cessna Citation proved to be a stumbling block when the Florida client approached its bank for financing.
“Many banks are reluctant to finance the purchase or even specific life-extending modifications of an older aircraft,” said Tim Wilson, President of SinglePoint. “Despite seeing a thaw in what has been tough lending market, aircraft less than 10 years old receive precedent over older aircraft. Although these older assets are perceived by banks as being higher risk credits, SinglePoint recognizes these planes have long useful lives and when properly maintained represent great value to their owners.”
With extensive experience in aircraft maintenance and modifications as well as complex financing expertise, SinglePoint’s team is in a unique position to both value older aircraft and provide workable funding solutions.
“Our expertise in aging aircraft and comfort with the useful life of these assets motivated SinglePoint to launch this product,” added Wilson. “The loan we extended allowed the borrower to perform some deferred aircraft maintenance and return to flying.”
Even as the economy improves SinglePoint continues to field a steady flow of inquiries from both individuals and corporations seeking alternative financing strategies to traditional lending channels.
About SinglePoint Aircraft Finance
SinglePoint provides private financial services to both private and government aircraft customers with requirements that present challenges to the conventional financial services marketplace. The company handles transactions from $1-$4 million for both fixed and rotor wing aircraft purchases and modifications. SinglePoint operates as part of the AGC Aerospace & Defense Finance Group.
About AGC Aerospace & Defense
AGC Aerospace & Defense, the operating portfolio of private equity group Acorn Growth Companies, is a global supplier of technologies, systems and services that support key commercial and military programs. Capabilities within the AGC Aerospace & Defense portfolio range from financing, engineering, and integration services to manufacturing, logistics, and aircraft modifications.