Middletown, CT (September 10, 2014) — Colebrook Financial Company, which provides receivables financing for timeshare resorts/vacation ownership companies, announced they increased one of their lines of credit to Starpoint Resort Group, Inc. from $10 million to $15 million, making their total commitment $32 million.
“We were able to provide increased financing for Starpoint quickly to meet the company’s schedule,” says Colebrook Financial Principal Bill Ryczek. “Mike Muldoon and his company have been customers since 2003, when he had a $3 million line. He wanted to move some paper around recently, and we moved very quickly to increase the line and get it done.”
Starpoint has shown significant growth since its inception. Last year they announced the acquisition of The Geo Group of Companies which included the acquisition of numerous timeshare clubs, resorts and management contracts throughout Canada, the United States, the Caribbean and Central America. Starpoint has continued with their acquisition strategy this year and enjoys a strategic partnership with TZP Group, a New York based private equity firm.
“Opportunism requires access to aggressive, creative and capable professionals,” says Muldoon, “and Colebrook has consistently displayed their creative and hard working ability to get it done. Everyone in the company, and particularly Mark Raunikar, has been extremely accessible and a pleasure to collaborate with. They always pick up the phone when you call and really make an effort to make things work for all parties.”
About Colebrook Financial Company
Colebrook Financial Company is a lender specializing in the timeshare/shared ownership industry, providing hypothecation and other financing products for 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.
About Starpoint Resort Group
Starpoint Resort Group, Inc. is a privately held company whose executive management team averages more than 30 years of proven performance and experience in the timeshare and hospitality industry. Based in Las Vegas, Nevada, the company is active in all facets of the hospitality industry including resort development, property and resort management, sales and marketing. They manage four timeshare clubs, 21 timeshare resorts, several condominium projects and the vacation interests of approximately 50,000 owners throughout Canada, the U.S., the Caribbean and Central America, in addition to well scaled sales and marketing operations which grow both the platform and scale of members to be serviced.
PRESS RELEASE SOURCE: Colebrook Financial Company
Media Contact for Colebrook Financial Company:
Sharon Drechsler-Scott, RRP
Contact for Starpoint Resort Group Inc.:
Alan Dickler, COO