Charlottesville, VA (August 31, 2010) – Wellington Financial, the exclusive Resort Finance lending correspondent for Liberty Bank, says the bank has closed an increase in their lending commitment for Welk Resorts to $35 million.
“Since our first commitment of $10 million to Welk Resort Group last year, we have been extremely pleased by the performance of their portfolio,” says Liberty Bank Vice President Don Peruta. “Sales at Welk’s projects – the Villas on the Greens and Lawrence Welk Resort Villas in Escondido, California; and the Lawrence Welk Desert Oasis in Cathedral City, California – have remained strong, despite the recent challenges in the U.S. economy.”
Welk’s President Jonathan Fredricks comments that Liberty Bank and Wellington Financial have been easy to work with. “We are meticulous about touring and selling to buyers with solid credit scores,” he adds. “I’m sure that our having maintained a reliable portfolio of loans that have continued, historically, to perform well gave Liberty confidence to increase their commitment.”
Wellington Financial’s President Ronald Goldberg says, “We are very pleased to be working with Welk’s CFO Carisa Azzi and her team. We’ve enjoyed the opportunity to work with the Welk Group and look forward to playing our part in their future successes.”
About Welk Resort Group
Welk Resorts is a premier independent vacation ownership company founded by the famous bandleader, the late Lawrence Welk, in the early ‘50s. Welk has been active in the vacation ownership business since 1984 with resorts in Maui, Hawaii; San Diego, California; Palm Desert, California; Branson, Missouri; and most recently in Cabo San Lucas, Mexico. With roots steeped in quality, flexibility and variety, Welk Resorts steadily enhances its points-based club experience by continuously freshening its amenities and delivering a unique, robust blend of villa and recreation offerings.
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).
Media Contact for Wellington Financial & Liberty Bank:
Sharon Drechsler, RRP