Wellington Financial says Liberty Bank’s $20 million loan provided to finance timeshare receivables.
Charlottesville, VA & Middletown, CT; May 2013 – Wellington Financial, the exclusive Resort Finance lending correspondent for Liberty Bank, announced the bank recently completed a loan of $20 million to Timescape Resorts, LLC, developer of Calypso Cay Vacation Villas Timeshare Resort,.
“This was our first transaction together,” says Timescape Resorts Managing Member Steve Bradley “We found the team from Wellington and Liberty to be very savvy about our product and industry. Their experience made the approval process and servicing set-up procedures run very smoothly.”
“Liberty’s loan replaces two existing facilities from other lenders and will be used to finance timeshare receivables generated at Calypso Cay Vacation Villas,” says Don Peruta, Liberty Bank Senior Vice President and head of Liberty Bank’s Resort Finance Division. “We are looking forward to a long-lasting and mutually satisfying relationship together.”
Wellington Financial President Ron Goldberg says, “We are very impressed by the resort property. The landscaping and units are beautiful; plus the location close to all Orlando’s top attractions gives the resort an excellent leg-up. We’ve known Steve Bradley for years and are gratified to finally have the opportunity to work with a developer of this caliber.”
ABOUT CALYPSO CAY VACATION VILLAS
Calypso Cay Vacation Villas is a premiere timeshare resort located seven miles away from Walt Disney World® Resort, Universal Studios Florida and SeaWorld Orlando. Offering luxury accommodations and high quality service, Calypso Cay is located amidst the best of Central Florida’s attractions, as well as offering an array of guest-only activities. Calypso Cay’s pool is surrounded by spacious decks and hosts two full service Pool Bars.
ABOUT LIBERTY BANK
Established in 1825, Liberty Bank, based in Middletown, Connecticut, is the state’s oldest mutual bank, with more than $3.5 billion in assets. Liberty Bank has been actively lending to the timeshare industry throughout the U.S. for over 30 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 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).
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