Liberty Bank and Breckenridge Grand Vacations Update Loan Commitments to $155MM
Charlottesville, VA & Middletown, CT – October 2023: Wellington Financial, the exclusive resort finance lending correspondent for Liberty Bank, announced the bank has committed $155MM to Colorado-based developer Breckenridge Grand Vacations. Liberty is the lead lender for an $80MM revolving inventory loan, a $45MM receivables hypothecation loan to the Grand Colorado on Peak 8 resort, and a $20MM receivables hypothecation loan for the Grand Lodge on Peak 7 project. Liberty also provides a $10MM loan to a related management affiliate.
“We’ve enjoyed an excellent relationship with BGV’s owners over the years,” says Liberty Bank First Vice President Jay Gordon. “Their leadership has resulted in a superior, quality product complemented by a remarkable hospitality and back office staff.”
“We are very glad to have broadened our relationship with Liberty Bank and Wellington Financial,” says Breckenridge Grand Vacations CFO Blake Davis. “The bank has been a great supporter of our continuing development and growth. Their executives have taken the time to get to know us and understand our business over the years, making for a solid and progressive relationship.”
Wellington Financial President Ron Goldberg says, “We are pleased to see this relationship continue to expand. The Breckenridge Grand Vacations team is very professional and responsive, allowing for a continuously smooth process.”
About Liberty Bank
Liberty Bank (Liberty-Bank.com) has been actively lending to the timeshare industry throughout the U.S. for over 40 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. The bank specializes in lending to developers of timeshare resorts, fractional resorts and retail land offering 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. Established in 1825, Liberty Bank is one of the oldest and largest mutual banks in the country. With more than $7 billion in assets, Liberty Bank has 56 banking offices across Connecticut and one in Massachusetts. As a full-service financial institution, Liberty offers consumer and commercial banking, cash management, home mortgages, business loans, insurance and investment services. Named a Top Workplace every year since 2012 and a Forbes Best-In-State Bank in 2021 and 2022, Liberty maintains a longstanding commitment to superior customer service and unparalleled community involvement.
About Wellington Financial
Wellington Financial (Wellington-Financial.com) is the exclusive Resort Finance lending correspondent for Liberty Bank and specializes in arranging lending to developers of timeshare resorts, vacation clubs, fractional resorts, and retail land. Founded in 1981, the finance and service company works with many industry and non-industry lenders, operates as the lead arranger for Liberty Bank’s Resort Finance division, and offers mezzanine and equity financing. President Ron Goldberg serves on the Board of Directors for the American Resort Development Association (ARDA).
Media Contact for Wellington Financial:
Shawn N. Brydge, RRP – 434-422-4952
About Breckenridge Grand Vacations
Founded in 1984, Breckenridge Grand Vacations (breckenridgegrandvacations.com) creates great vacations for more than 20,000 owners. In addition to the Grand Colorado on Peak 8, the developers, brothers Mike and Rob Millisor, along with Mike Dudick, have built Gold Point Resort, Grand Timber Lodge and the Grand Lodge on Peak 7 in one of North America’s premier destinations for skiing, hiking, biking and other activities. Breckenridge Grand Vacations offers luxurious accommodations, including everything from studio to 4-bedroom units; easy access to 2,900+ acres of the Breckenridge Ski Resort, two day spas; movie theaters; heated indoor and outdoor pools; fitness facilities and two restaurants. Owners can stay at their home resort or may exchange their time in over 2,000 resorts through Interval International. Additionally, the resort’s unique ownership plan enables owners to access the resorts’ amenities 365 days per year.
