Paragon’s aviation finance division has provided a $7.9m loan for Zenith Aviation to enable the latter to buy another Learjet 75 to add to the business’s fleet.
It is the first US dollar deal completed by the specialist bank’s aviation finance team.
Paragon launched aviation finance as part of its asset finance portfolio in September last year and the team has already financed more than 10 aircraft.
Alison Jones, head of aviation at Paragon (pictured above, left), said that by being able to provide a dollar finance facility, it would be able to assist many clients who prefer to fund the aircraft in the currency it is purchased in.
“We aim to make the whole process of financing an aircraft as smooth and simple as possible, whether it’s for individuals, SMEs or corporate clients using a plane or helicopter to help their business grow.
“For those looking to fund an aircraft, Paragon works hard and swiftly to get their finance off the ground.”
Zenith Aviation has seen a rising demand from clients, which include celebrities from pop star James Arthur to wrestler Triple H.
The new jet will allow the company to bolster its activities, which have already reached more than 300 flight hours a month to destinations as far as Morocco and Russia.
“It sounds glamorous, but buying a plane is actually a very complex transaction, so anything that can make that process more seamless is a benefit,” said Stuart Mulholland, managing director at Zenith Aviation (right).
“This deal was full of firsts for Paragon – the first dollar deal and the first corporate jet – and the aviation team pulled out all the stops.
“From the quote through to the deal closing was less than four weeks in total, which is very impressive.”
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Wyelands Bank completes $12m trade finance deal
Wyelands Bank has provided a trade finance deal for Canon Garth worth up to $12m annually...
The UK's SME productivity challenge
There are many millstones hanging around the neck of Britain’s economy in early 2019...
Metro Bank, Starling and ClearBank awarded £280m of funding
Metro Bank has secured £120m in funding from Banking Competition Remedies Limited (BCR)...
Falcon Private Bank to discontinue UK operations
Falcon Private Bank has decided to discontinue its UK operations and sell the assets of its London-based subsidiary, Falcon Private Wealth Ltd, to Dolfin Financial (UK) Ltd...
Revolut CEO calls for specialised tech visas
Nik Storonsky, CEO at Revolut (pictured above), has called on the UK government to introduce specialised visas for technology professionals...
Aldermore appoints new head of intermediary distribution
Aldermore has appointed Nick Parker (pictured above) as its new head of intermediary distribution within its retail mortgage business...
Ipswich Building Society to develop enhanced savings proposition over next two years
Ipswich Building Society has confirmed that it will develop an enhanced savings proposition over the next two years, with a focus on both digital and face-to-face services...
BTR: Tenant poacher or happy bedfellow?
The sand has been shifting so much under the feet of private landlords that many may believe they are becoming an endangered species...
Paragon bolsters asset finance team
Paragon has appointed Jan Greenhalgh as head of new business within its asset finance division...
Gatehouse Bank appoints new director
Gatehouse Bank has appointed Roger Evans (pictured above) as its new director of home finance distribution...
Rob Lankey to join Shawbrook as director of commercial investment
Shawbrook has announced that Rob Lankey (pictured above) will join as its new director of commercial investment at the end of February...