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Kevin Brown has left CIT Business Aircraft Finance to join Stonebriar Commercial Finance Aviation Capital (SCF Aviation Capital) as vice president for portfolio management.
He will report to Nicholas Sandler, executive vice president and senior managing director of Stonebriar Aviation Capital.
Stonebriar bought 16 aircraft loans and leases from CIT earlier this year. It had a portfolio of 64 business aircraft and helicopters at the end of June. It is keen to expand its lending to commercial aviation and is rebranding as SCF Aviation Capital.
“Stonebriar is extremely pleased to welcome Kevin to the Aviation Capital team,” said Sandler. “Kevin’s experience managing portfolios with exposure to multiple jurisdictions lines up with Aviation Capital’s goal and mandate to be a leading customised capital solutions provider to the diverse constituencies of both commercial and business aviation worldwide.”
CIT stopped offering business jet finance in May 2016 after the bank decided to focus on US transactions. Several institutions tried to buy parts of its portfolio but Stonebriar was the only one to close a sale.
Dave Fate, president and CEO of Stonebriar, added: “The Stonebriar team is excited to be launching into the commercial aviation market along with the addition of Kevin to support Aviation Capital’s growing portfolio. His experience and strong reputation are a perfect complement to our organization’s existing knowledge and expertise in corporate and commercial aviation finance.
“This is one more step towards Stonebriar achieving its goal of becoming a well-diversified financing source in a broad array of industries.”