Liberty Bank announces $66MM in loan commitments to I-Drive Resorts
Charlottesville, VA & Middletown, CT – August 2016 / Newsmaker Alert / Wellington Financial, the exclusive Resort Finance lending correspondent for Liberty Bank, announced the bank closed a $26.6MM acquisition loan to I-Drive Resorts, a company related to Accelerated Assets, LLC, based in Birmingham, Michigan. Liberty Bank is Connecticut’s oldest bank which, with more than $4.5 billion in assets, has been a premier lender to resorts in the timeshare industry for more than three decades.
Accelerated Assets is a diversified financial services company specializing in the development of North American timeshare resort properties, in partnership with the leading sellers of timeshare, and in the purchase or hypothecation of creditworthy asset secured debt.
“The purpose of the loan is to finance the acquisition of 91 units at the Lake Eve Resort in Orlando, Florida, together with a $40MM forward receivables line of credit,” says Wellington Financial President Ron Goldberg. “The units acquired were owned and purchased from a private party. Bluegreen Vacations will provide sales and marketing, project management and loan servicing for I-Drive Resorts.”
Managing Member of Accelerated Assets, LLC Thomas Balames says, “We enjoyed working with the folks at Wellington and Liberty Bank. The approval process went very smoothly and we look forward to a long and mutually satisfactory relationship.”
“I-Drive Resorts has engaged Bluegreen to sell the inventory under its fee-based services program,” adds Wellington Financial Executive Vice President Shawn Brydge. “We have closed quite a few deals involving fee-based service arrangements of this type and fully expect to see similar, great results.”
About Accelerated Assets LLC
Accelerated Assets has developed multiple timeshare projects in partnership with timeshare companies that represent the upper end of the timeshare market, and is continuously seeking new opportunities in which they can invest to leverage their expertise alongside the expertise of their partners. Accelerated also purchases and hypothecates a wide range of asset backed consumer receivables. Accelerated Assets prides itself on understanding extremely well all aspects of the resort business and in maintaining the high standards and practices of business necessary to earn, and keep, the trust of its partners. Visit AcceleratedAssets.com or call 800-573-3294, 248-816-7244 for additional information.
About Liberty Bank
Established in 1825, Liberty Bank (Liberty-Bank.com), based in Middletown, Connecticut, is the state’s oldest bank, with more than $4.5 billion in assets. Liberty Bank has been actively lending to the timeshare industry throughout the U.S. for over 35 consecutive 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).