Back
To News/PR Index
|
|
Liberty
Bank Renews Financing for Silverleaf Resorts
|
Wellington
Financial says Liberty Bank renewed a $50 million
timeshare
receivables loan and closed a $25 million inventory loan.
|
Charlottesville,
VA & Middletown, CT – April 2014 / Newsmaker Alert / Wellington
Financial, the exclusive Resort Finance lending correspondent for Liberty
Bank, announced the bank has recently closed a financing agreement
with a major timeshare resort development company, Silverleaf
Resorts, Inc. The bank agreed to provide a new $25 million revolving
inventory loan facility and to renew their $50 million revolving hypothecation
loan facility.
“Liberty
Bank and Wellington Financial’s staff has been very easy to work with,”
says Mike Smith, Senior Vice President of Capital Markets at Silverleaf
Resorts. “Going through the procedure simultaneously for two transactions
provided a few complexities, but thanks to their professionalism these
were easily ironed out.”
“We
have found the relationship with Silverleaf Resorts to be very satisfactory
over the years,” says Liberty Bank Vice President David Brede. “Liberty’s
relationship with Silverleaf dates back to 2007. Silverleaf’s management
team has been very consistent in providing a sound product that can appeal
to a diversified customer base. We are pleased to continue the lending
relationship and expand it to accommodate their growth.”
Wellington
Financial President Ron Goldberg notes that Silverleaf Resorts has been
in the business since 1989. “The resorts’ offerings provide their timeshare
owners with value, variety, convenience and flexibility – a winning quartet,”
he says.
About
Silverleaf Resorts
Silverleaf
Resorts (SilverleafResorts.com)
provides great vacation experiences at thirteen high-quality resorts located
in 6 states. They also offer a wide selection of amenities, programs and
activities to enhance their customers’ vacations. The company has an extensive
ownership base of approximately 119,000 families throughout the U.S. Incorporated
in 1989, Silverleaf is headquartered in Dallas, Texas and has more than
3,000 employees
About
Liberty Bank
Established
in 1825, Liberty Bank (Liberty-Bank.com),
based in Middletown, Connecticut, is the state’s oldest mutual bank, with
more than $3.5 billion in assets. Liberty Bank has been actively lending
to the timeshare industry throughout the U.S. for over 30 consecutive years.
The bank’s commitment to superior service has resulted in lending relationships
with some of the industry’s largest and most successful developers. Member
FDIC. Equal Housing Lender.
About
Wellington Financial
Wellington
Financial (Wellington-Financial.com)
is the exclusive Resort Finance lending correspondent for Liberty Bank
and specializes in lending to developers of timeshare resorts, fractional
resorts and retail land. Founded in 1981, the finance and service company
offers a full range of products, including receivables hypothecation, purchase
and conduit facilities; pre-sale and working capital lines of credit; acquisition,
construction and renovation financing, as well as mezzanine and equity
debt financing. President Ron Goldberg serves on the Board of Directors
for the American Resort Development Association (ARDA).
Media Contact:
Sharon
Scott
for Wellington
Financial & Liberty Bank
SharonINK
PR & Marketing
310-923-1269 |