Rifleman Group posts strong first-year profits

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.