New finance company arrives as others fall

Although two finance companies have recent collapsed and other failures are predicted a new company has been launched.

Friday, 9 June 2006

Rifleman managing director Murray Greer says that despite talk of a downturn, the directors recognised an opportunity in the ever increasing gap between what the big banks offer and what the established mezzanine players are providing.

“We know that developers and investors want to deal with a stable, relationship-driven company without having to put up with the bureaucracy of big organisations.

“The fact that we will offer both senior and mezzanine debt is a point of difference.

“Rifleman is a specialist lender and is clearly focused on providing financial services and financial accommodation to the property investment and property development industries.

We are more focused on development right now, but as we expand our funding capability, no doubt investment funding will play a greater part in our activities,” Greer said.

“Our research has told us that there is room for a new entrant in the market. Many existing players have been around a long time – we believe it is time for new blood in the industry.

“Rifleman will shortly issue a prospectus to the market for the issue of first ranking secured debenture stock to the investing public.”

Rifleman is backed by a wholesale co-investment funding arrangement with Fortress Investment Group– the Sydney based affiliate of the New York fund manager with US$21 billion under management.

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