Charlottesville, VA & Middletown, CT; (June 7, 2013) –– Wellington Financial, the exclusive Resort Finance lending correspondent for Liberty Bank, announced the bank has recently renewed a finance agreement with a major timeshare resort development company, Bluegreen Corporation (“Bluegreen”). The $50 million hypothecation loan will be used to finance timeshare resort mortgage receivables.
“Bluegreen has been a customer since the Fall of 2008,” says Liberty Bank VP Denise Brewer. “We are pleased to continue our long-standing relationship with Bluegreen, as we find their management team to be astute and creative, and their resort offerings to be diverse, extensive, and of superior quality. We’re looking forward to an ever-growing, long-term relationship.”
Senior Vice President, Finance and Capital Markets Paul Humphrey of Bluegreen Corporation says, “We have had a very satisfactory and enjoyable relationship working with Liberty Bank and Wellington Financial. We are pleased to be able to renew our loan and support our timeshare operations with this facility.”
ABOUT BLUEGREEN CORPORATION
Bluegreen Corporation is a leader in the vacation ownership industry. Headquartered in Boca Raton, Bluegreen was founded in 1966, and has always emphasized delivering memorable vacations through unique experiences and superior customer value. Bluegreen manages and markets flexible real estate-based vacation ownership plans and specializes in fee-for-service resort management, as well as financial services, customer generation and sales solutions to third-party developers. The scope and breadth of Bluegreen’s experience are unparalleled in the industry. Bluegreen masterfully caters to its niche through its innovative methodology and customizable ownership packages available nationwide and in the Caribbean. This all translates to more than 170,000 happy Bluegreen owners who choose from more than 60 resorts located in some of the most popular, must-visit destinations.
ABOUT LIBERTY BANK
Established in 1825, Liberty Bank, based in Middletown, Connecticut, is the state’s oldest mutual bank, with more than $3.5 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).
Media Contact for Wellington Financial:
Sharon Drechsler-Scott, RRP