Rifleman Finance Group Launches On The Back Of Sol

Media Release 7 June 2006

Rifleman Finance Group Launches On The Back Of Solid Management And Market Demand

The launch this week of Rifleman Finance Group is strong evidence that despite rumours of a softening economy there is always a business niche that needs filling, in this instance for a finance company with robust management offering both senior and mezzanine debt in the property development industry.

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 organizations.

“The fact that we will offer both senior and mezzanine debt is a point of difference. We take a flexible and personal approach to our clients with a commitment to developing strong long term relationships.

“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.”

Backed by a wholesale co-investment funding arrangement with Fortress Investment Group– the Sydney based affiliate of the New York fund manager with some Twenty One Billion US dollars under management – the brand new Rifleman comprises a hand picked management team with more than 80 years combined experience in the finance market.

A robust and highly skilled management team is an important point of difference for Rifleman, giving the company the knowledge and the ability to deal with any property development funding requirement – with that ability comes a competitive advantage.

“We have assembled some of New Zealand’s best business and property finance executives to take us forward. The experience of these people will ensure our success,” Greer said.

Supporting the Rifleman offering is a sound management team headed by Greer, who has more than 38 years in senior banking positions with Westpac and ANZ, including as Director of the ANZ Property and Construction Finance business unit where he managed loan portfolios in excess of $2.5 billion.

Director Clint Webber has extensive experience in New Zealand’s property market, including management and associate director positions with a leading bank.

Head of Lending at Rifleman is Alain Hoodless who worked for several years in the UK property market in both lending and direct equity investment roles, before emigrating to New Zealand with his family. Here he worked as a manager and associate director in the property and construction finance sector.

Wendy Roycroft has more than 10 years of finance experience both in New Zealand and internationally – having worked for leading European and New Zealand banks.

With more than 23 years of business experience, Kevin Turley has spent 19 of those years in financial services, including Head of Finance at UDC, Finance Manager at Fisher and Paykel Finance and senior positions with both Countrywide Bank and NZI Group.

About Rifleman

Rifleman Finance Group is a specialist provider of financial services to the property development and property investment industries. The company operates at the upper end of the mezzanine finance market with a fully documented lending policy.

ENDS

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