Wellington Financial Reveals Details About Liberty Bank’s Loan to Vermont Timeshare Resort Developer
Charlottesville, VA, December 18, 2009 – Wellington Financial, the exclusive Resort Finance lending correspondent for Liberty Bank, is pleased to announce the bank has closed a $10 million receivables hypothecation facility with Smugglers’ Notch (www.smuggs.com) in Vermont.
“The facility will be used to finance future timeshare sales,” says Bill Stritzler, owner and managing director of ‘Smuggs.’ “We found the team from Liberty Bank and Wellington Financial to be first-rate when it came to understanding our needs. It’s refreshing to deal with a lender who understands timeshare so well. We’re looking forward to a long-term relationship.”
Liberty Bank Vice President, David Brede observes, “Smugglers’ Notch has been an important timeshare and ski resort developer for many years. We are very impressed with their management team and their consistently high standards.”
Shawn Brydge, senior vice president at Wellington Financial, noted that, “The resort is a terrific four-season destination and management has done a great job of creating a staff that feels more like a family. The entire operation is run with a passion and excitement directed at creating the best vacation experience possible for each guest; it’s easy to see why they have such successful resort and timeshare operations.”
About Smugglers’ Notch Resort
Smugglers’ Notch Resort (www.smuggs.com) is located in northern Vermont’s Green Mountains with skiing and snowboarding for all abilities on 78 trails and 1000 acres of terrain on three mountains. The Resort’s extensive family programs have been recognized by SKI Magazine, the Family Travel Forum, FamilyFun Magazine, and Condé Nast Traveler magazine, among others. Lodging includes more than 600 privately owned and timeshare condominiums. Smugglers’ has received awards from SKI Magazine, the Vermont governor’s office, and other state environmental stewardship agencies for its innovative approach to environmental stewardship. The resort is privately owned by the Smugglers’ Notch Management Co., Ltd.
About Liberty Bank
Established in 1825, Liberty Bank (www.liberty-bank.com), based in Middletown, Connecticut, is that state’s oldest mutual bank, with more than $3.0 billion in assets. Liberty Bank has been actively lending to the timeshare industry throughout the U.S. for over 30 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 (www.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).
Sharon Drechsler, RRP
for Wellington Financial
SOURCE: Wellington Financial