Wellington Financial says Liberty Bank’s loan to major timeshare resort development company will provide end-loan financing for Napa Valley project.
Charlottesville, VA (December 16, 2011) –– Wellington Financial, the exclusive Resort Finance lending correspondent for Liberty Bank, says the Connecticut-based bank recently expanded its existing receivables loan with a new $15 million commitment for Shell Vacations, LLC, for their Napa Valley project, Vino Bello Resort®.
“We’ve been working with the team from Liberty Bank and Wellington Financial since 2007 and are happy to expand on that relationship,” says Shell Vacations LLC Chief Financial Officer Bill Weber. “They understand the intricacies involved in servicing a first-class organization like ours. Over the years we have been pleased with their ability to seamlessly provide the underwriting for us to offer reasonable financing to our owners.”
Liberty Bank Vice President David Brede says, “Shell Vacations, LLC is one of our key clients and we are very pleased to expand our relationship with them. They provide a quality product and their sales have remained steady, despite the recent downturn in the economy. We have every reason to believe this trend will continue as the economy improves.”
“Liberty Bank and Wellington Financial are very pleased to continue working with the highly-respected team at Shell Vacations,” says Wellington Financial president Ron Goldberg. “Vino Bello represents everything a lender looks for in a timeshare resort. Firstly, Shell Vacations’ team brings the ample resources of a company well-versed in timeshare development, marketing and sales. Secondly, the project, located in one of the most popular tourist destinations in the world, has a strong history of success as well as a very promising future.”
About Shell Vacations, LLC
Headquartered in Northbrook IL, Shell Vacations is one of the most respected independent vacation ownership developers in the United States, operating or affiliated 24 resorts in the U.S., Canada and Mexico. The company specializes in the sales and hospitality management of vacation ownership resorts as well as servicing over 115,000 owner and member families of its vacation ownership products.
About Liberty Bank
Established in 1825, Liberty Bank (Liberty-Bank.com), based in Middletown, Connecticut, is that 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 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 (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-Scott, RRP
SOURCE: Wellington Financial & Liberty Bank