Charlottesville, VA (August 11, 2010) -– Wellington Financial, the exclusive Resort Finance lending correspondent for Liberty Bank, says the bank has closed a $20 million increase in their lending commitment which includes refinancing $30 million in aged receivables from another lender, for Silver Lake Resort, a timeshare development company located in Orlando, Florida. Wellington Financial’s Senior VP Shawn Brydge says they had closed the original $20 million revolving receivables loan facility with Silver Lake in July of 2009.
“Along with our partners at Liberty Bank, we’ve been very impressed by the performance of Silver Lake’s receivables portfolio,” says Brydge. “We’re very happy to be a part of another $20 million commitment, which includes refinancing a significant portfolio of aged receivables from another lender.”
“We have enjoyed working with Liberty Bank and Wellington Financial this past year,” says Silver Lake Resort’s CEO, Deborah Moore. “Last year when we first became acquainted with them, we felt that with respect to the constraints within the financial marketplace, they were a group of professionals who possessed a desire and the expertise to construct an agreement that would bring success to all parties involved. That has, indeed, proven to be the case.”
“We are excited to increase our commitment to Silver Lake Resort and structure a transaction that affords the resort the ability to continue to expand,” observes Liberty Bank Vice President, Relationship Manager David Brede. Silver Lake Resort has consistently delivered strong results over the years and their management team remains focused on providing a first class guest experience.”
About Silver Lake Resort
Silver Lake Resort (www.silverlakeresort.com) has been awarded the prestigious GOLD CROWN RESORT designation from Resort Condominiums International (RCI). Located within two miles of the main entrance to Walt Disney Resorts, the resort consists of 292 designer-furnished vacation villas, with a mix of one-, two-, and three-bedroom floor plans and the potential for 630 villas and nearly 42,000 owner families upon completion of construction.
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 $3.2 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