BigFly Aviation Finance: A new type of finance broker
BigFly Aviation Finance is a unique company based in Cleveland, Ohio, which provides brokers and buyers with access to private funds to buy a business aircraft.
Privately owned and operated, the company has a very simple process for finding its clients aircraft finance. Having contacted BigFly, prospective borrowers must complete a three page form to request the specific type of funding which they require. BigFly will then circulate the requirements to a pool of five US specialist aviation lenders who will decide if they would like to finance the transaction.
The company is able to provide traditional as well as non-traditional financing, and custom financing opportunities to different aviation requirements. Covering both new and older aircraft, helicopters and business jets – typically from $2.5 million and upwards – the company also deals with refinancing, commercial aircraft, aircraft hangars and mergers and acquisitions. “We can help people find any type of financing, but our biggest concern is aviation and aircraft,” says managing partner Joe McHenry.
“Our form is fairly general, but gets the job done,” he adds. “We get around eight quotes a month. For every five deals, we can usually find financing for four of them. They’re all good deals.”
Arriving to the private aviation market in 2011, after years of acting as a finance broker for everything from oil rigs to commercial aircraft, BigFly joined the market at a prosperous time when clients began to ask for aircraft financing.
“Business is good, because the banks still aren’t lending,” says McHenry. “Things have picked up a lot in the past year.”
In 2011, the new company managed financed just one deal, but 2012 has seen BigFly quickly hit its stride. “Our target is probably 30 deals for the year.” says McHenry “The minimum target is 24, which is two deals a month.”