Cogent Bank of Orlando, Florida, has launched a business aircraft lending division. Founded in 2001 as a state-chartered business and personal bank, the company will finance business aircraft ranging from turboprops to ultra-long-range business jets with values between $3 million and $25 million.
“The development of the business aviation vertical is another strong example of Cogent’s commitment to bringing innovative and forward-thinking solutions to our clients,” said Chirag Bhavsar, the lending institution’s president.
Cogent's new division is headed by industry veterans Jim Crowley, who will serve as managing director, and Margaret Francik, v-p and business aviation finance operations manager. It will provide clients with bank balance sheet credit profiles, structured financing, select floor planning, loans and leases, and credit and execution capabilities.
“While the business aviation vertical will serve clients nationally, the team will maintain a focus in the Florida market,” explained Crowley. “With Florida being home to five of the most trafficked business jet airports in the United States and being one of the five largest business jet markets, Cogent Bank is uniquely suited to servicing the needs of this industry.”