CIT Group is to expand its commercial aircraft lending business, with a new aviation lending team providing aircraft-backed loans to the commercial aviation industry.
The team will be headed up by Jennifer Villa Tennity, who rejoins CIT as president of the business.
Tennity has nearly 20 years of experience in the aviation leasing and lending space at CIT and was most recently senior vice president and chief risk officer of CIT's aerospace business, maintaining an $11 billion portfolio of aircraft loans and leases.
Jim Hudak, CIT's president of commercial finance, said: “CIT has deep expertise in asset-backed lending across commercial industries including aerospace.
“We are pleased to have Jennifer leading this business as she has a successful history of servicing and originating aircraft loans which will add to the strength of CIT's aerospace finance capabilities."
Tennity is also joined by Ryan Jasinski as director of originations and Matthew Hughey as vice-president, both former CIT colleagues who specialize in aviation lending.
Tennity said: “CIT has a proven track record of finding financing solutions for our commercial aviation clients.
“We feel there is a real need for this product in the marketplace and I am excited to be leading the expansion of this area and growing the aviation loan portfolio along with Ryan and Matthew."
CIT says the new aviation team complements its aerospace, defense and government services team, led by John Heskin, managing director, which is a leading provider of asset-backed revolving and term loans, acquisition financing and tailored capital market structures to the sector.