Wellington Financial says Liberty Bank recently closed two loans with the prominent Florida timeshare developer, Kosmas Group International.
Charlottesville, VA (February 17, 2011) – Wellington Financial, the exclusive Resort Finance lending correspondent for Liberty Bank, says the bank recently completed a sizeable transaction with Kosmas Group International (www.KGIResorts.com).
Wellington Financial Senior VP Shawn Brydge says, “Liberty Bank will be providing financing for four of KGI’s Florida projects including Vacation Villas I and II in Kissimmee, Coconut Palms II in New Smyrna Beach and Key West Coconut Mallory in Key West.”
According to Liberty Bank VP David Brede, “We provided $14 million to refinance existing receivables debt from another lender and also support their needs for up to $10 million in end-loan consumer financing for future sales.”
“We found the team from Wellington and Liberty to be very conversant with our needs,” says Kosmas Group President Steve Kosmas. “We closed the loan in January (of 2011) and are already well down the road in managing the day-to-day processes as we continue to grow our owner base.”
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 $3.3 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).
About Kosmas Group International
Kosmas Group International, Inc. (www.KGIResorts.com) offers a variety of exciting vacation experiences including seaside retreats, family fun and island splendor. All are enhanced by the KGI tradition of hospitality and personal service, and by their commitment to environmental preservation. A memorable vacation at an ownership resort is the end product of a complex process; from design and construction, through marketing and property management. The ability of KGI to deliver a consistently excellent vacation product is based on their understanding of every stage of the resort development cycle, and in-house control of all the necessary resources. KGI is acknowledged as a leader for the 21st century in the most dynamic sector of the vacation industry. They are guided by loyalty and commitment to their owner families and concern for the natural environment.
Media Contact for Wellington Financial & Liberty Bank:
Sharon Drechsler, RRP
SOURCE: Wellington Financial & Liberty Bank