The ambitious lender has partnered with an unnamed Fortune 500 property casualty insurance company on the venture which puts it in a position to compete with the larger boutique lenders and commercial banks.
The fund had been rumoured for a while and a 120dB Films affiliate will act as portfolio manager.
“We believe that 120dB Films has distinguished itself over the past seven years by offering premium, personalised service to our borrowers, and we have closed over 60 film loans since inception,” Stephen Hays, founder and managing member, said in a press release. “The fund closing is a milestone in our evolution and will result in much more competitively priced loans, while retaining the highly attentive service that has become our trademark.”
“While we have never turned away an attractive loan due to size, the substantial resources now available through our new fund, combined with reduced borrowing rates, should lead to a strong increase in loan volume,” Peter Graham, 120dB Films managing member, said. “We will continue to bring our risk-oriented approach to loan underwriting, and expect to maintain the same sort of flexibility and speed that has made us popular with so many borrowers.”
120dB Films launched in 2004 and has closed more than 60 financings by providing p&a, offering gap, bridge and finishing funds and cash flowing pre-sales and tax credits.
In recent years the company has closed production loans for such titles as Peace, Love & Misunderstanding (pictured), Henry’s Crime, Little Murder, The Experiment, the upcoming Bachelorette with Kirsten Dunst and Liberal Arts with Elizabeth Olsen and Zac Efron.
Hays is a New York-based former hedge fund executive and Graham a veteran entertainment banker based in Los Angeles.