Rifleman Group posts strong first-year profits
Specialist financial services provider Rifleman Group has posted a net profit of $1.069 million on total operating revenue of nearly $3.7 million in its first year of operation.
Thursday, July 5th 2007, 12:34PM
by The Landlord
Rifleman services the New Zealand property development and property investment industries at the upper end of the mezzanine finance market. The company has offshore funding arrangements and is not reliant on domestic funding.
“We achieved this result on the back of strong growth in funds under management, and there was also a pleasing return from broking activities,” says Rifleman founder and managing director Murray Greer.
Since its establishment in February 2006, the development of Rifleman’s funds management has constituted a significant portion of the Group’s activities. Rifleman has secured funding arrangements with Fortress Credit Corporation and other wholesale financiers, for which Rifleman arranges and manages prime and mezzanine loans.
Under these arrangements, Rifleman manages facilities with limits totaling $145.5 million, of which $91.7 million was drawn by April 2007. Of these facilities, $55.5 million is in prime mortgages, of which $23.1 million has been drawn.
Greer was previously director of ANZ’s property and construction finance business unit where he managed loan portfolios in excess of $2.5 billion.
Rifleman lends primarily to experienced and proven property developers, with the company’s loan advances generally secured by second mortgage over real property. Rifleman will typically also require that its advances be secured by registered mortgages, personal guarantees and other forms of collateral security.
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