SinglePoint Aircraft Finance closes deal on 33 year old Cessna Citation ISP

SinglePoint Aircraft Finance has refinanced a 1977 Cessna Citation ISP and launched what it is calling its Aging Aircraft Finance program.

The specialist aircraft finance firm is owned by Oklahoma private equity firm AGC Aerospace & Defense.

“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.”

Wilson says the owner of the aircraft, who lives in Florida, was unable to get financing from their local bank because of the aircraft’s age. Many banks do not wish to finance aircraft that are over 15 year’s old by the end of the loan. However, ACG Aerospace & Defense owns companies that specialise in maintenance and modifications so feels that it understands this market.

“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.”

SinglePoint provides private financial services to both private and government aircraft customers. The company provides between $1 million and $4 million for both fixed and rotor wing aircraft purchases and modifications. At the moment it is only financing US registered aircraft.