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                                                                    Exhibit 23.5

                      [LETTERHEAD OF MORTEN BEYER & AGNEW]

                                    August    , 2001

Lease Investment Flight Trust
c/o Wilmington Trust Company
1100 North Market Street
Rodney Square North
Wilmington, Delaware 19890

      Re:  Lease Investment Flight Trust, Series 2001-1

Ladies and Gentlemen:

      Reference is made to the Registration Statement on Form S-4 (as amended,
the "Registration Statement") of Lease Investment Flight Trust (the "Company"),
to be filed with the Securities and Exchange Commission under the Securities Act
of 1933, as amended, relating to the Company's Exchange Offer with respect to
its Class A-1, Class A-2, Class A-3, Class B-1, Class B-2, Class C-1 and Class
C-2 Notes.

      We hereby consent to (i) the use of the information contained in our
appraisal(s) for the dates set forth in the prospectus contained in the
Registration Statement, (ii) the references to our firm in such prospectus,
including the reference under the caption "Experts," (iii) the attaching of our
appraisals or summaries thereof in form and substance satisfactory to us to the
prospectus and (iv) the filing of this letter as an exhibit to the Registration
Statement.

                                    MORTEN BEYER & AGNEW, INC.

                                    By:   /s/ Bryson P. Monteleone
                                         ------------------------------------
                                         Name:  Bryson P. Monteleone
                                         Title:  Vice President of Operations