British financing and production outfit Future Films has named Simon Horsman CEO of its new U.S. operation, based in Los Angeles.
Horsman was previously VP and general counsel of online comparison-shopping service PriceGrabber.com.
Future Films USA will provide production loans to filmmakers, secured against the tax credits and other rebates offered by American states.
Future will make its money by charging interest on the loan, not by the more conventional method of pocketing the difference between the value of the loan and the ultimate value of the credit or rebate.
“In the vast majority of cases, the cash rebates and tax credits will be worth more than the loan repayment plus interest,” Horsman explained. “Under our program, unlike our competitors’, the producer keeps the difference. We provide overall production assistance and advice, bringing as many resources as possible to a producer.”
Future will also offer bridge and gap finance, co-production participation and legal expertise.