Middletown, CT (July 10, 2014) — Colebrook Financial Company, which provides financing for timeshare resort entities and has worked with Festiva Development Group since 2003, announced it is expanding the interval ownership company’s existing loan and setting up a $10 million fixed rate term loan tranche.
“We very much appreciate working with Colebrook and having the opportunity to lock in our margins with fixed rate financing,” says Festiva’s President Herbert (Butch) Patrick. “Colebrook’s rate for this loan is very competitive, and their management team is extraordinarily flexible and patient. For example, I think of how they bent over backwards to assist us in financing a recent acquisition; even to the point of one of them, Tom Petrisko, flying halfway across the country to retrieve the collateral and resolve a logistical problem.”
“We find working with Festiva and their management to be very rewarding,” says Colebrook Principal Bill Ryczek. “They’re a dynamic organization and it’s sometimes a challenge to keep up with them, but it’s never dull. Watching them grow from their modest beginnings to what they are today has been fascinating, and I’ve learned a tremendous amount from Butch over the years.”
About Festiva Development Group, LLC
Festiva operates boutique interval ownership resorts, cruise club destinations, and an adventure club in the United States and the Caribbean. Festiva was founded in 2000 and is located in Orlando, FL.
About Colebrook Financial Company
Colebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for small and mid-sized developers in the US, Mexico, and the Caribbean. Colebrook is large enough to provide financing in the $20-$30 million range, but small enough to deliver a unique brand of personal service. For further information, call Bill Ryczek at 860-344-9396
PRESS RELEASE SOURCE: Colebrook Financial Company
Media Contact for Colebrook Financial Company:
Sharon Scott, RRP
SharonINK PR & Marketing