Charlottesville, VA (July 2, 2010) – According to Wellington Financial, Liberty Bank recently announced their Resort Finance division had established a new lending relationship with Breckenridge, Colorado-based timeshare developers, Breckenridge Grand Vacations, with an initial loan of $10 million.
Liberty Bank Vice President Denise Brewer worked with the resort’s executives to arrange for the revolving receivables loan facility for their Grand Timber Lodge and Grand Lodge at Peak 7 properties. “We were very impressed by the company’s track record and well-respected position in their community,” Denise says. “It is small wonder that they are consistently recognized by national and community groups with honors and awards.”
“Mike and Rob Millisor and Mike Dudick have operated in this popular resort area for many years,” comments Ron Goldberg, president of Wellington Financial, the exclusive Resort Finance lending correspondent for Liberty Bank. “The Breckenridge Grand Vacations team has demonstrated a fantastic track record in developing, marketing, selling and managing Gold Point Resort, Grand Timber Lodge and the Grand Lodge on Peak 7, as well as being a great asset to the community.”
“We found the people at Liberty Bank and Wellington Financial to be well-informed about the industry and enjoyable to work with,” says Mike Millisor. “Therefore, they quickly came to understand and appreciate our business model. We’re looking forward to developing a steadfast and mutually beneficial relationship with them far into the future.”
“Over the last 25 years, we’ve developed a business philosophy to serve investors, owners-and-guests, employees and our community,” adds Rob Millisor. “This attitude governs everything we do and has allowed us to provide family after family with excellent vacations for many years. We strongly believe that our dedication to ensuring the satisfaction of all four of these constituents has given us the focus for our success in the vacation ownership business in Breckenridge.”
About Breckenridge Grand Vacations
Founded in 1985, Breckenridge Grand Vacations creates great vacations for more than 15,000 owners. The developers, brothers Mike and Rob Millisor, along with Mike Dudick, have built Gold Point Resort, Grand Timber Lodge and the Grand Lodge on Peak 7 in one of North America’s premier destinations for skiing, hiking, biking and other activities. Breckenridge Grand Vacations offers luxurious accommodations, including everything from studio to 4-bedroom units; easy access to 2,200+ acres of the Breckenridge Ski Resort, two day spas; heated indoor and outdoor pools; fitness facilities and two restaurants. Owners can stay at their home resort or may exchange their time for over 2,000 resorts through Interval International. Additionally, the resort’s unique ownership plan enables owners to access the resort’s amenities 365 days per year.
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