First National Capital (FNC) announced the finalized commitment for a $20 million aircraft transaction, refinancing an operator’s entire fleet to free up operating capital and fund upcoming acquisitions. The cash-out component gives the company the liquidity to expand into new industries and build out additional revenue lines, with the aircraft continuing to fly charter and other revenue-producing missions.

The deal sits squarely in territory most lenders avoid. The operator flies high hours and is not enrolled in an engine program — a profile that conventional aviation lenders typically decline outright. FNC is one of the few capital providers that understands how to underwrite this kind of utilization and structure around it.

“Most lenders look at high-time aircraft that aren’t on an engine program and stop the conversation there,” said Keith Duggan, CEO of First National Capital. “We did the opposite. We took the time to understand exactly what this operator was trying to accomplish, then built a solution designed to move the business forward — not just refinance an asset.”

The transaction reflects a broader pace of capital deployment at the firm.