Liberty Bank and the Kissimmee-based developer renewed a $30MM receivables loan and refinanced a $4.5MM inventory loan.
Charlottesville, VA & Middletown, CT – November 2017 / Newsmaker Alert / Wellington Financial, the exclusive Resort Finance lending correspondent for Liberty Bank, says the bank has closed another renewal as part of their long-term relationship. Silver Lake Resort, a timeshare development company located just outside the gates of Walt Disney World in Kissimmee, Florida, received a two-year extension of their $30 million receivables loan, in addition to refinancing and extending a $4.5 million inventory loan.
“Liberty Bank started working with Silver Lake in 2009,” said Liberty Bank Vice President David Brede. “From the beginning, I knew that Liberty could continue to grow its lending relationship with them as the resort expanded over time. Initially, we helped build a receivables hypothecation and cash management facility. Most recently we’ve assisted with a construction and inventory facility to support their growth over the last eight years. We look forward to expanding on our valuable partnership with Silver Lake and its management team well into the future.”
Wellington Financial’s Executive VP Shawn Brydge says, “Silver Lake has a tenured management team that is wonderful to work with. Their consistency and passion to provide a quality product and wonderful customer experience is evident in the way they run their operation, and that carries over to the professionalism in our lending relationship.”
“Unquestionably, our lending relationship with Liberty Bank, supported by Wellington Financial, is built on a mutually beneficial partnership that gets stronger and stronger as the years pass by,” says Silver Lake Resort’s CEO, Deborah Moore. “Their creative ability to look at current and future needs and to think outside the box to remove barriers, allows us to expand in many key areas. They take pride in being part of our resort expansion and we are privileged to be part of their portfolio.”
About Silver Lake Resort
Silver Lake Resort (www.silverlakeresort.com) has been awarded the prestigious GOLD CROWN RESORT designation from Resort Condominiums International (RCI). Located within two miles of the main entrance to Walt Disney Resorts, the resort consists of designer-furnished vacation villas, with a mix of one-, two-, and three-bedroom floor plans and is supported by more than 40,000 owner families.
About Liberty Bank
Liberty Bank (Liberty-Bank.com) 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. Established in 1825, Liberty Bank is Connecticut’s oldest bank, with more than $4.7 billion in assets and 55 banking offices throughout the central, eastern, western and shoreline areas of the state. As a full-service financial institution, Liberty offers consumer and commercial banking, home mortgages, insurance, and investment services. Named as a “Top Workplace” by the Hartford Courant for six consecutive years, Liberty maintains a longstanding commitment to superior personal 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 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).