Union Patriot Capital

Paribas funds seven projects
May 30, 1995

CANNES, Film lender Banque Paribas has closed seven deals in Cannes for pictures in the $10 million-$15 million range, including the remake of ``Ivanhoe'' and John Turturro's latest project, ``Illuminata,'' company executives said.

Paribas is providing loans on a single-picture basis and doesn't finance overhead items. ``Each project has to work as a stand-alone,'' Michael Mendelsohn, the top entertainment banker at the Los Angeles office of Paribas, said Friday.

Mendelsohn told The Hollywood Reporter that Paribas will provide 100 percent of the production loans on most of the projects inked at the fest.

``Ivanhoe,'' to be directed by Brian Grant, is budgeted at about $13 million. Mendelsohn, who has a hands-on approach to each project, said the bank is in negotiations with Cary Elwes for the lead. Producers are Robert and Adam Kline and Andy Post Prods. in Germany. Sales will be handled by August Entertainment.

Mendelsohn said he has also agreed to finance ``Secret Agent,'' based on the Joseph Conrad novel and being adapted for the screen by Christopher Hampton. The $11 million film (the budget isn't finalized) will star Bob Hoskins, Gerard Depardieu and Patricia Arquette (HR 5/19-21). Mendelsohn said Paribas is financing the film with Capitol Films, the foreign sales agent in the United Kingdom and Fox Searchlight in the United States. Paribas will bring in 50 percent of the production loan. He noted that most contracts are designed to pay on film delivery.

``The rate of success for collection has been 100 percent,'' Mendelsohn said. ``We've never lost a dollar and profits are in the millions for Paribas.''

The film lending arm of the $200 billion Paris-based bank has financed some 60 movies in the past five years, which represents an investment of about $450 million. The good track record has led Paribas to increase its allotment for entertainment lending to some $250 million a year.

Paribas just completed the financial package at Cannes for Turturro's ``Illuminata,'' with the help of ICM's Bart Walker. The film, an erotic farce, is budgeted at $10 million. Island Pictures International is the main sales agent. Mendelsohn said an A-list cast is being finalized.