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.”
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