McLean, VA (June 15,2012) — Capital One Bank has announced it closed a five-year, $35 million Revolving Senior Warehouse Facility for Silverleaf Resorts, Inc., an independent timeshare operator. The facility will be used to finance notes receivable from the sale of vacation ownership interests at properties that are owned and managed by Silverleaf Resorts.
“We’re thrilled to partner with Silverleaf Resorts, particularly given the company’s 20-year track record of success in the vacation ownership market and its strong institutional sponsorship,” said Michael Szwajkowski, Executive Vice President, Commercial and Specialty Finance, Capital One Bank. “Capital One Bank’s Vacation Ownership team is committing to leveraging our strong balance sheet to fund the growth of leading companies in the timeshare market, like Silverleaf Resorts.”
Based in Dallas, Silverleaf Resorts is one of the largest private companies in the vacation ownership industry. It was founded in 1989 and currently operates 13 resorts in Texas, Missouri, Massachusetts, Illinois, Georgia and Florida. Today, Silverleaf Resorts has more than 3,000 employees and an owner base of more than 115,000 members. Silverleaf Resorts’ facilities are designed to attract consumers seeking vacation properties near their primary residences or in popular tourist destinations across the U.S.
“We have been impressed by the Capital One Bank team’s deep expertise and commitment to the U.S. timeshare market,” said Thomas J. Morris, Chief Executive Officer, Silverleaf Resorts, Inc. “The team’s support has helped us address short and long-term growth needs, and we look forward to expanding on this partnership as our business expands.”
Capital One Bank’s Vacation Ownership team provides receivables, inventory and working capital loan facilities to timeshare operators across the U.S. and the Caribbean. This team is part of the Bank’s Commercial and Specialty Finance Business, which serves clients through a team of more than 200 associates who have expertise in healthcare, security and defense, technology, asset based lending, rediscount finance, as well as equipment leasing and finance. Capital One Bank’s Commercial Business leverages a relationship-based banking model that seamlessly delivers an array of products and services including: loans and deposit accounts, treasury management services, merchant services, investment banking, international services and correspondent banking.
About Capital One
Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries, which include Capital One, N.A., Capital One Bank (USA), N. A., and ING Bank, fsb, had $216.5 billion in deposits and $294.5 billion in total assets outstanding as of March 31, 2012. Headquartered in McLean, Virginia, Capital One and ING Direct offer a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has approximately 1,000 branch locations primarily in New York, New Jersey, Texas, Louisiana, Maryland, Virginia and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol “COF” and is included in the S&P 100 index.