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Instant Finance on expansion trail

Mid-sized finance company Instant Finance has secured a $50 million funding facility to help it fund expansion plans.

Wednesday, April 11th 2007, 5:29AM
The line of credit is being provided by Fortress Credit Corporation, a subsidiary of Fortress Investments, a publicly listed New York based fund manager with more than US$30 billion of equity funds under management. "Instant Finance sees the availability of this facility principally as a resource to enable expansion by way of acquisition," Instant Finance chief executive Richard de Lautour says.

"We are aware of the potential for consolidation in the industry and this agreement will allow us to continue to pursue any quality opportunities that may present themselves'.

Instant Finance has a B3 'Investment Grade' rating from Risk Analysis, the local successor to global corporate credit rating agency Rapid Ratings.

Instant Finance is primarily lending in the consumer finance sector. It has 17 retail branches in the North Island.

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