Charlottesville, VA (February 8, 2012) — Wellington Financial, the exclusive Resort Finance lending correspondent for Liberty Bank, says the Connecticut-based bank recently expanded an existing receivables loan from $40 to $50 million for Silverleaf Resorts, a timeshare resort developer located in Dallas, Texas.
“Liberty Bank and Wellington Financial are excellent at partnering with us to successfully execute our business strategy,” says Silverleaf Resorts President Tom Morris. “They have been very professional and timely during the approval process. Our team has enjoyed working with theirs for a number of years, now.”
Liberty Bank Vice President David Brede says, “Silverleaf Resorts is a well-seasoned timeshare developer that provides a very solid product offering which they market to a diversified customer base. Liberty Bank has enjoyed this relationship very much and is pleased to continue and expand it to accommodate Silverleaf’s growth.”
Wellington Financial President Ron Goldberg views the transaction as another milestone in Liberty Bank’s history of continued service to the resort industry. “Silverleaf Resorts has been in the business since 1989. They pride themselves on offering their timeshare owners ‘value, variety, convenience and flexibility.’ It’s obviously been a winning quartet as their customers continue to give them top satisfaction ratings.”
About Silverleaf Resorts
Silverleaf Resorts (SilverleafResorts.com) provides great vacation experiences and country club-like memberships in high-quality resorts at affordable prices. They also offer a wide selection of amenities, programs and activities to enhance their customers’ vacations. With premiere timeshare resorts located in Texas, Missouri, Illinois, Georgia, Massachusetts and Florida, Silverleaf has something for everyone. In addition to the 13 resorts and one hotel they currently own and operate, Silverleaf also has access to an exchange network of over 3,000 resorts worldwide. The company has an extensive ownership base of more than 100,000 families throughout the U.S. and North America. Incorporated in 1989, Silverleaf is head-quartered 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 that state’s oldest mutual bank, with more than $3.4 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 (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).
SOURCE: Wellington Financial