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Liberty
Bank Renews Financing for Bluegreen Vacations
|
Wellington
Financial says Liberty Bank renewed its
$50 million
timeshare receivables loan to Bluegreen Vacations.
|
Charlottesville,
VA & Middletown, CT – April 2014 / Newsmaker Alert / Wellington
Financial, the exclusive Resort Finance lending correspondent for Liberty
Bank, announced the bank has recently renewed a financing agreement
with a major vacation ownership sales, marketing and resort management
company, Bluegreen Corporation (“Bluegreen
Vacations” or “Bluegreen”). The $50 million hypothecation loan will
be used to finance vacation ownership interest (“VOI”) notes receivable.
“We
have enjoyed working with the team at Bluegreen since 2008,” says Liberty
Bank VP Denise Brewer. “They are extremely capable and resourceful; always
willing to go that extra mile. This has been a mutually satisfying relationship
and one that we look forward to continuing.”
“On
behalf of the team here at Bluegreen, we are pleased to continue working
with Liberty Bank and their servicing entity, Wellington Financial,” says
Senior Vice President, Chief Financial Officer and Treasurer, Tony Puleo
of Bluegreen Corporation. “It is our pleasure to be able to renew our loan
and support our VOI operations with this facility.”
About
Bluegreen Vacations
Bluegreen
Vacations (BluegreenVacations.com)
is a leader in the vacation ownership industry. Headquartered in Boca Raton,
FL, Bluegreen Corporation was founded in 1966, and, since entering the
vacation ownership industry in 1994, has always emphasized delivering memorable
vacations through unique experiences and customer value. Bluegreen manages,
markets and sells the Bluegreen Vacation Club, a flexible, points-based
deeded vacation ownership plan. Bluegreen also offers a portfolio of comprehensive,
turnkey, fee-based resort management, financial, and sales and marketing
services on behalf of third party developers. Bluegreen caters to its niche
through its innovative methodology and customizable ownership packages
available nationwide and in the Caribbean. This all translates to more
than 176,000 Bluegreen Vacation Club owners who choose from more than 60
owned or managed resorts located in some of the most popular, primarily
“drive-to” resort destinations, and access to more than 4,000 resorts worldwide.
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 $3.6 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 |