Wellington Financial says Liberty Bank’s $40 million loan renewal and modification helps Kissimmee-based timeshare resort developer refinance a previous lender’s inventory loan.
Charlottesville, VA (August 3, 2012) –– Liberty Bank has extended and modified their existing financing commitment for Silver Lake Resort, LTD, a timeshare development company located in Kissimmee, Florida. According to Wellington Financial’s Senior VP Shawn Brydge, “We recently renewed Liberty’s $40mm hypothecation loan to Silver Lake Resort giving them the ability to refinance an inventory loan they had with another lender and renewed their loan commitment to continue providing forward financing.” Wellington Financial is the exclusive Resort Finance lending correspondent for Liberty Bank.
“We have enjoyed working with Liberty Bank and Wellington Financial since 2009, as they have become extremely well versed in our particular project,” says Silver Lake Resort’s CEO, Deborah Moore. “Our teams work well together so the approval process was both timely and smooth. Their in-depth knowledge of the timeshare product and a developer’s financial requirements enabled them to create an innovative approach to refinancing our inventory loan with a prior lender.”
“We are very pleased to have continued our existing relationship with Silver Lake Resort and at the same time being able to provide a structure to refinance their loan with another lender,” observes Liberty Bank Vice President, Relationship Manager, David Brede. “Silver Lake Resort’s consistent strong performance is borne out by the many positive approval ratings they repeatedly receive within the industry.”
ABOUT SILVER LAKE RESORT
Silver Lake Resort 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, based in Middletown, Connecticut, is the 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 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 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).