Pnc Aircraft Financing - “Wayne has served this business well, bringing his unique mix of aviation knowledge and financing experience to address the variety of aircraft needs of corporate and individual customers alike,” said Doug Shaffer, executive vice president, PNC Bank.
“With this solid foundation, we look forward to Alex's leadership to deliver an exceptional customer experience through expert insight and innovative solutions.” J.P. Morgan's website and/or mobile terms, privacy and security policies don't apply to the site or app you're about to visit.
Pnc Aircraft Financing
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Morgan name. Hayes comes to PNC with over 25 years of sales and aviation finance experience, most recently serving as senior vice president with the corporate aircraft group at BB&T. Previous, Hayes served as national sales manager of the corporate aircraft group at GE Capital.
Starling joined PNC in 2004 as senior vice president and national sales manager from Aviation Finance Group, which was acquired by PNC. In addition to his leadership of PNC Aviation Finance, Starling is also an active member of numerous aviation trade groups, including the National Aircraft Resale Association, National Aircraft Finance Association and the National Business Aviation Association Leadership Council.
AOPA Aviation Finance is committed to providing support for the AOPA mission, which is to help preserve airports, grow the pilot population, and protect the interests of general aviation through advocacy in Washington, DC and all 50 states.
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This was all a very new experience to me and somewhat overwhelming with the amount of paperwork and such involved but Adam did a wonderful job and covering the bases for me and helping me get answers and taking care of some of the things that I didn't understand.
I truly don't think I would have been successful and would have given up had I not had Adam's help. PNC Aviation Finance continues to be bullish on the outlook for business aviation financing. “We have made more business aircraft loans than any other firm each year since 2009,” said Alex Overstrom, head of PNC Aviation Finance.
“We think there is room to grow our market share given the strength of our platform.” Overstrom thinks there is lots of room for optimism. JPMorgan Chase Bank, N.A. and its affiliates (collectively "JPMCB") offer investment products, which may include bank-managed accounts and custody, as part of its trust and fiduciary services.
Other investment products and services, such as brokerage and advisory accounts, are offered through J.P. Morgan Securities LLC ("JPMS"), a member of FINRA and SIPC. Annuities are made available through Chase Insurance Agency, Inc. (CIA), a licensed insurance agency, doing business as Chase Insurance Agency Services, Inc.
in Florida. JPMCB, JPMS and CIA are affiliated companies under the common control of JPMorgan Chase & Co. Products not available in all states. Please read the Legal Disclaimer in conjunction with these pages. Going forward, Overstrom said that PNC intends to focus on financing more large-cabin aircraft.
“Asset-based transactions had historically skewed toward mid-cabin aircraft,” he said. “We're also making a big push across our franchise to work with our corporate bankers to ensure we are financing the aircraft of our large corporate and middle market clients and prospects.”
He said PNC intends to enhance its leasing capability to “take advantage of pull-back at our competitors” and maintain excellence in its asset-backed originations, which Overstrom called PNC's “bread and butter capability.” PNC (Booth N1513) makes non-disclosure, non-recourse, asset-based financing to more traditional loans and leases to clients in the United States and Canada.
“We work with bank clients as well as non-clients. In fact, the majority of our clients didn't have an existing relationship with PNC when we began the aviation financing relationship,” Overstrom said. He added that PNC is the only bank able to offer non-disclosure, non-recourse asset-based lending, which he calls “great for clients with very complex financials, for example, hedge fund, private equity or real estate investment owners/partners , or those designing a very high degree of privacy” to finance aircraft.
“We're one of the few players in the market right now with the expertise and willingness to do tax leases,” he said. AOPA Finance Company is an effective, secure and easy way to finance an aircraft.
I would definitely recommend AOPA finance. I needed to secure and fund my new aircraft quickly. AOPA turned my loan around in 8 working day's. Thank you AOPA finance....great job! Overstrom succeeds Wayne Starling, a 40-year industry veteran under whose management PNC's business has grown, now ranking as the second largest bank-owned aviation finance business in the United States.
To ensure a smooth transition, Starling will serve as key advisor to PNC Aviation Finance until his retirement in 2017. While optimistic, Overstrom said that OEMs are still “in a tough spot, as [used aircraft] price declines have made new aircraft less competitive with preowned.
That said, we are still financing a decent number of new aircraft, particularly with large corporate clients who are often leasing. I expect that the used aircraft market will remain robust while new aircraft will be challenged over the next 12 to 24 months.
As used aircraft inventory declines and prices rise, and OEMs bring production to lower levels, [the industry] should begin to get back closer to an equilibrium state.” The AOPA team was very helpful and supportive throughout the entire financing process.
They helped make this complicated process as simple as possible. The responsiveness was impeccable, even though there were Holidays and snow storms to content with. I highly recommend other AOPA members avail themselves to this service.
INVESTMENT AND INSURANCE PRODUCTS ARE: • NOT FDIC INSURED • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY • NOT A DEPOSIT OR OTHER OBLIGATION OF, OR GUARANTEED BY, JPMORGAN CHASE BANK, N.A. OR ANY OF ITS AFFILIATES • SUBJECT TO INVESTMENT RISKS, INCLUDING POSSIBLE LOSS OF THE PRINCIPAL AMOUNT INVESTED
Overstrom currently serves as chief operating officer for PNC Corporate & Institutional Banking where he was responsible for a broad set of strategic and administrative areas. He joined PNC in 2014 after an eight-year tenure at Goldman Sachs in investment banking and firm-wide strategy.
PITTSBURGH, Jan. 9, 2017 – PNC Bank, N.A. today announced the appointment of Alex Overstrom as head of PNC Aviation Finance, a premier aircraft lender, funding over $3 billion in aircraft loans over the past five years.
In addition, Keith Hayes joins the leadership team as national sales manager. PNC is a registered service mark of The PNC Financial Services Group, Inc. (“PNC”). PNC Mortgage is a division of PNC Bank, National Association, a subsidiary of PNC.
All loans are provided by PNC Bank, National Association and are subject to credit approval and property appraisal. Terms and conditions of this offer are subject to change without notice. “This business is a strategic priority for the firm, and we are executing well.
Our originations in the first half of 2017 are 40 percent higher than they were in the first half of 2016. We're clearly seeing a pick up in demand for corporate aircraft supported by a stronger macro economy, higher confidence, record high asset prices, and a more business-friendly administration that has taken the taboo away from ownership of aviation assets.
Aircraft utilization is up and business jet transactions are increasing, with a record 1,100 business jets trading hands in the first half of the year, and up 9 percent year over year,” he said. “We've been hiring this year in order to maintain quality of execution against greater transaction volumes.”
PNC Bank, National Association, is a member of The PNC Financial Services Group, Inc. (NYSE: PNC). PNC is one of the largest diversified financial services institutions in the United States, organized around its customers and communities for strong relationships and local delivery of retail and business banking;
residential mortgage banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management and asset management. For information about PNC, visit www.pnc.com. Through an understanding of your financial condition, cash flow and the nature of your balance sheet, we will share financing options with you.
We will help you consider the implications for each, including factors such as tax efficiency, duration and cost. This way you will be able to make a confident financing decision that is right for you.
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