Two former Daiwa Bank entertainment lending execs have ankled the bank to start their own film financing company.
William A. Tyrer and Christopher Ball formed the Newmarket Group in Beverly Hills last week as another avenue for independent producers to get loans for their pix.
Tyrer said the company is looking to finance films with budgets from $ 3 million to$ 40 million or more.
Newmarket hopes to position itself as a more attractive financing option to commercial banks, offering, for example, the ability to close loans before the bulk of foreign pre-sales are in place, something commercial banks tend to shy away from.
“The image we want to portray is one of being more flexible in being able to close transactions,” Tyrer said.
Tyrer and Ball, who’ve been prowling the halls at AFM, said they’ve drummed up some business, but said it was “too preliminary” to disclose names.
Bannon & Co., a Beverly Hills investment bank, arranged the financing for Newmarket, though both Stephen Bannon and Tyrer declined to disclose the amount or the name of the investor.