Liberty Bank closes $65 million loan financing Westgate Resorts
Charlottesville, VA & Middletown, CT; June 2013 – Wellington Financial, the exclusive Resort Finance lending correspondent for Liberty Bank, announced that the bank has recently closed a $65 million revolving receivables line of credit to Westgate Resorts. Liberty Bank has been actively lending to the timeshare industry throughout the U.S. for over 30 consecutive years. Westgate Resorts is one of the largest resort developers in the United States with 27 themed destination resorts in premier locations throughout the United States.
“Westgate has had a long-term relationship with Liberty through the bank’s participation in various transactions over the years,” says Westgate Resorts CFO Tom Dugan. “We are delighted to enter into a direct lending relationship with them and look forward to a successful, long-term association together.”
“We are excited to continue our relationship with Westgate Resorts,” says Liberty Bank VP of Resort Finance, David Brede. “We are confident in their senior management team’s ability to continue to be a successful company and an industry leader.”
“The Bank has been an indirect lender to Westgate for many years prior to this,” says Wellington Financial President Ron Goldberg, “Watching the timeshare company navigate through the recent economic downturn and emerge stronger and more focused has been a privilege. As Liberty Bank’s exclusive correspondent, Wellington jumped at the opportunity to cement a direct relationship.”
ABOUT WESTGATE RESORTS
One of the largest privately owned timeshare companies in the world, Westgate Resorts features luxury resorts in premier travel destinations such as Orlando, Florida; Park City, Utah; Las Vegas, Nevada; Gatlinburg, Tennessee; Branson, Missouri; Myrtle Beach, South Carolina; Williamsburg, Virginia; Miami, Florida; Mesa, Arizona; and Tunica, Mississippi. Founded in 1980 by David A. Siegel, Westgate Resorts develops and operates uniquely themed destination resorts that include luxurious accommodations, destination health spas, water parks, restaurants and retail shopping outlets. For more information about Westgate Resorts, visit www.westgateresorts.com.
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).